Stanley Lifestyles shares rise 9.11% after Morgan Stanley buys over ₹16 crore stake

Stanley Lifestyles shares surged more than 9 per cent on Monday as Morgan Stanley bought a stake.

Shares of Stanley Lifestyles, the freshly listed Indian furniture company, rose 9.11 per cent to reach an all-time high of ₹517.20 during Monday's trading session. The rally happened after the American investment bank Morgan Stanley picked up ₹16.76 crore worth of stake in the company on June 28, according to data collected from the Bombay Stock Exchange (BSE).

Stanley Lifestyles' share price opened 6.97 per cent higher on Monday than its previous close of ₹474 on Friday, June 28.

A subsidiary of Morgan Stanley, named Morgan Stanley Asia Singapore Pte, bought 3.5 lakh shares in a bulk deal at a share price of ₹478.87, according to exchange data. The biggest bulk deal for the stock was from Oman India Joint Investment Fund II, which sold 33.16 lakh shares at the same share price, and another lot of 7.65 lakh shares at a share price of ₹479.51, bringing the total up to 40.8 lakh shares sold.

Other big deals for the stock came from Nippon India Mutual Fund, purchasing 32.25 lakh shares at a share price of ₹478.71, as per block deal data from the exchange.

The company's shares were listed on the stock exchange with a premium of 35.23 per cent on Friday.

The Mint reported earlier that Stanley Lifestyles promoters Sunil Suresh and Shubha Sunil would each sell up to 1,182,000 equity shares in the offer for sale (OFS).

Akriti Mehrotra, research analyst at StoxBox, told Mint on Friday that the brand has a robust retail presence in the market and plans to expand by opening stores both in India and abroad. He also said that the company aims to diversify its portfolio over the product categories into the luxury furniture sector amid India's urbanisation and rising disposable income.