Kalpataru Power trades lower after large trade. Promoter likely seller

Usually, the Promoter selling stake in the company is seen as a negative by the market.

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Shares of Kalpataru Power Transmission traded in the red on May 30 after a large trade took place on the bourses.

The stock slumped 4 percent in early trade and, by 10am, it was quoting at Rs 505.80, down 0.25 percent. The scrip was trading with volumes of 10,698,136 shares so far today, as compared with its five-day average of 6,722 shares, which implies an increase of 1,59,056 percent.

Around 1.1 crore shares, representing 7.4 percent equity, worth Rs 546.6 crore, changed hands on the bourses at Rs 492 per share.

The buyer and seller could not be ascertained immediately. However, according to CNBC-TV18, the seller in this block deal is likely the promoter.

Usually, the promoter selling stake in the company is seen as a negative by the market because it reflects that the promoter might not be confident about the business prospects of the company.

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Interestingly, Domestic Institutional Investors (DIIs) have been raising their shareholding in the company since June 2020. DIIs increased their stake to 37.76 percent in March 2023 from 26.94 percent in June 2020.

The company recently announced that it has changed its corporate name to Kalapataru Projects International.

The company clocked its highest ever annual order inflow of Rs 25,241 crore leading to an all-time high order book in FY23 on a standalone basis, Kalpataru Power Transmission said in its latest investor presentation. It incurred a capital expenditure of over Rs 500 crore in FY23 given the strong business visibility across business verticals.