KFin Technologies shares shed 9% on block deal; Ventura advises buying – here's why
KFin Technologies declined over 9 percent in trade today (December 15) after shares worth ₹1,650 crore changed hands in a block deal. As per media reports, around 3.3 crore shares, representing 20 percent equity in the company, changed hands at a floor price of ₹500 apiece. The floor price is at a 6 percent discount to its yesterday's closing price of ₹532.25.
The reports claim that global private equity firm General Atlantic is the likely seller. However, the stock has surged over 44 percent from its listing price of ₹369 on BSE. It was listed on the bourses on December 29, 2022.
From its IPO price of ₹366, it has advanced over 45 percent. While the stock is down over 4 percent in December so far, it had surged over 17 percent in November. It also gave positive returns for 6 straight months between April and September, soaring 67.5 percent.
However, it was in the red in October (down 3.7 percent) and in the first 3 months of the year. The stock hit its record high of ₹562.30 on November 17, 2023. Currently trading at ₹506, it has advanced almost 87 percent from its 52-week low of ₹271.05, hit on March 29, 2023.
On the back of the overall strong stock performance, healthy financials, and business expansion, brokerage house Ventura Securities has initiated coverage on the stock with a ‘buy’ call and a target price of ₹704, implying a robust 39 percent upside in 12 months. “The company is showcasing a compelling investment opportunity, supported by significant growth in its domestic investor solution sector, an expanding presence in international markets, and a dominant role in the issuer solution domain. The integration of technology played a pivotal role in this advancement, enabling the development of products and
. Read more on livemint.com
