Morgan Stanley buys shares value Rs 3.74 crore on this smallcap inventory through block deal
The vendor within the deal was Assume India Alternatives Grasp Fund LP which offered as many shares. The fund held 87,24,344 shares within the firm as on September 30, 2024 which represented 9.17% stake.
The inventory surged 15% to hit the day’s excessive of Rs 63.60 earlier than closing at Rs 62.20.
Niyogin Fintech has a market capitalization of Rs 591.87 crore.
The corporate began by constructing a number one ‘Neobank’ platform infrastructure firm to serve MSMEs for his or her credit score associated necessities, monetary inclusion, investments and SAAS providers.
The inventory has been a laggard for the previous 1 yr and has seen its share worth erode by 14% within the mentioned interval. On this yr, to date, the decline has been extra outstanding because the inventory has seen its worth wipe-off by 33%. The underperformance has been regardless of the headline S&P BSE Sensex delivering 21% leads to the final 12 months.The counter has been on a downward trajectory since hitting its 52 week excessive of Rs 98. It hit a 52-week low of Rs 45 in October this yr. The correction has dragged the inventory under its 200-day easy shifting common (SMA) of Rs 66 whereas it’s nonetheless buying and selling above its 50-day SMA of Rs 53.However the correction, the inventory is buying and selling in an overbought zone with MFI of 87 as reported by Trendlyne. A quantity above 70 is taken into account to be overbought whereas under 30 is seen as oversold. It has additionally been fairly unstable with a 1-year beta of 1.1.
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(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t signify the views of Financial Occasions)
