Bulk deals | US hedge fund picks additional 0.77% stake in 63 Moons Tech, Sixth Sense Ventures ups stake in Parag Milk Foods

63 Moons shares gained nearly 3 percent to close at Rs 207.50 with significantly higher volumes, though there was an erosion of gains from its intraday high of Rs 227.55 due to profit taking.

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The Miri Strategic Emerging Markets Fund LP, the hedge fund owned by US-based Miri Capital Management LLC, continued increasing shareholding in 63 Moons Technologies on June 26.

The Miri has purchased additional 3.54 lakh equity shares or a 0.77 percent stake in the technology company via open market transactions, as per the bulk deals data available on exchanges. The shares were bought at an average price of Rs 216.16 per share.

In the previous session, The Miri had bought 4.47 lakh shares or a 0.97 percent stake in 63 Moons at an average price of Rs 190.68 per share.

The stock seems to have reacted to the news as it gained nearly 3 percent to close at Rs 207.50 with significantly higher volumes, though there was an erosion of gains from its intraday high of Rs 227.55 due to profit booking. In the previous session, it was locked in the 20 percent upper circuit.

Aavas Financiers also witnessed in action on June 26, as foreign portfolio investor Small Cap World Fund Inc offloaded another 7.7 lakh equity shares or a 0.97 percent stake in the housing finance company. The average selling price was Rs 1,437.74 per share and the stake sale amounted to Rs 110.77 crore.

So far in June, Small Cap World Fund Inc sold a 3.5 percent stake in Aavas, against its shareholding of 7.99 percent as of March 2023.

However, Europe-based financial services group Societe Generale was the buyer for some of those shares, acquiring 3.96 lakh shares at an average price of Rs 1,427.21 per share.

Aavas Financiers shares rallied 5 percent to Rs 1,463.2 on the NSE.

A continued buying of shares was witnessed for Parag Milk Foods, which surged 14.4 percent to Rs 137.70 on June 26, in addition to a 7 percent surge in the previous session.

Sixth Sense Ventures increased its shareholding in the milk products company as its venture capital fund Sixth Sense India Opportunities III bought additional 7.83 lakh shares or a 0.67 percent stake at an average price of Rs 132 per share.

In the previous session, the venture capital fund had bought 6.8 lakh shares or a 0.58 percent stake in Parag Milk. As of March 2023, Sixth Sense India Opportunities III held a 2.3 percent stake in Parag Milk, and Sixth Sense India Opportunities II owned a 1.54 percent shareholding.

Solara Active Pharma Sciences was also in focus. Promoter entity Karuna Business Solutions LLP offloaded 1.99 lakh equity shares in the pharma company at an average price of Rs 374.35 per share. However, Spiracca Ventures LLP was the buyer of the deal. The stock gained 2 percent to settle at Rs 374.30.