Bulk deals: SBI Mutual Fund picks 5% stake in Tips Industries, promoters turn sellers

Promoters in Tips Industries collectively sold 5.06 percent stake of the company

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SBI Mutual Fund bought 64.25 lakh shares in Tips Industries, equivalent to 5 percent of the paid-up equity, through open market transactions at an average price of Rs 380 per share. The transaction is valued at at Rs 244.17 crore.

Promoters of Tips Industries — Renu Kumar Taurani, Ramesh Sadhuram Taurani, Varsha Ramesh Taurani and Kumar Sadhuram Taurani — sold 65 lakh equity shares, which is equivalent to 5.06 percent of paid-up equity in the company,  amounting to Rs 247.06 crore. The promoters collectively held 48.01 percent stake in the company as of December 2023.

Shares of Tips Industries surged 5.73 percent to Rs 431.95 in the NSE in the trading session.

In Ahlada Engineers, resident individual shareholder, Bommareddy Upendra Reddy sold 91,038 shares or 0.7 percent stake at an average price of Rs 135.95. The transaction is valued at Rs 1.23 crore.

Ahlada Engineers stock gained 2.83 percent to Rs 132.45 in the NSE.

Starline Equifin sold 1.05 lakh shares at an average price of Rs 73.46 in Biofil Chemicals and Pharmaceuticals, which amounts to Rs 77.83 lakh. The company sold a 0.65 percent stake in the company. Starline held a 8.24 percent stake in the company as of December 2023.

Shares of Biofil Chemicals and Pharmaceuticals rallied 8.97 percent to Rs 72.25 in NSE.