This Blockbuster Stock Has Gained 35% In 3 Sessions As Veteran Investors Buy In
Motion picture and video production company Prime Focus has seen its shares surge 35% since September 4. On Tuesday, the stock again hit the upper price band, surging 10% to ₹191.6.
According to reports, the company has been subject to multiple block deals over the last couple of sessions, with participation from veteran investors such as Ramesh Damani and Madhusudan Kela.
Block Deals
NSE block deal data shows that Singularity Large Value Fund I, II, and III, backed by veteran investor Madhusudan Kela, purchased 62.5 lakh shares of Prime Focus, representing a 2.01% stake, at ₹142.55 per share on September 5.
Additionally, Ramesh Damani acquired 8 lakh shares, while Utpal H. Sheth purchased 17.5 lakh shares at the same price. Other notable buyers included FE Securities, which acquired 7.5 lakh shares, and Samyak Enterprises, which bought 7.05 lakh shares of Prime Focus through block deals.
Craft Emerging Market Fund PCC purchased 120 lakh shares, representing a 3.87% stake, in the motion picture and video production company for ₹187.86 crore.
On the other hand, Augusta Investments I sold 62.24 lakh shares worth ₹97.44 crore, while Marina IV (Singapore) offloaded 57.75 lakh shares for ₹90.4 crore, both executed at the same price between ₹156 and ₹157 per share.
Retail Sentiment Turns Positive
On Stocktwits, retail sentiment for Prime Focus turned 'bullish' this week. It was 'neutral' earlier.
Excluding the gains over the last three sessions, Prime Focus shares rose 4.8% this year, till close on September 4.
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