Aurionpro Solutions locked in upper circuit as Sumeet Nagar picks up stake

Shares of Aurionpro Solutions were locked in a 5 percent upper circuit in the early trade on June 15, a day after ace investor Sumeet Nagar’s Malabar India Fund picked up a 1.15 stake in the tech company.

Malabar India Fund bought 2.63 lakh shares, or 1.15 percent, stake at an average price of Rs 880.23 a share through open market transactions on June 14.

At 10.24 am, Aurionpro Solutions was locked in a 5 percent upper circuit at Rs 1,001.20, the scrip’s highest level seen in 52 weeks.

It was another foreign investor, Indusvaley Holdings Pte, which sold 2 lakh shares in the technology company at an average price of Rs 881.38 a share.

As per the company’s shareholding data at the end of the March quarter, Indusvaley Holdings Pte held a 2.61 percent stake or 5.95 lakh shares.

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The stock has been a multibagger in recent times, flushing out returns of 217.5 percent in the past three months. The steep upmove in the share price would have prompted Indusvaley Holdings to book some profits from the counter.

In May Last month, the company’s arm received in-principle approval from the Reserve Bank of India to operate as a payment aggregator. CEO Balkrishna Pangam said it was a substantial stride in the company’s mission to facilitate seamless online digital payments in the country, especially in the area of B2B payments.

The company’s stellar performance in the March quarter, with a 37 percent year-on-year jump in revenue and 27 percent in net profit, ensured strong buying interest in the counter.

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