Senco Gold: ApaH Capital, Ashoka WhiteOak Buy Shares After Key FPI Pares Stake

An affiliate of Hong Kong-based ApaH Capital Management, Motilal Oswal Mutual Fund and Ashoka India bought Senco Gold Ltd. shares through open market deals on Thursday after a key foreign investor pared stake.

India Acorn ICAV, an affiliate of Ashoka WhiteOak India Opportunities Fund, acquired 6.33 lakh shares, or 0.81% equity, for Rs 60.7 crore; while Apah Capital Master Fund bought 5.22 lakh shares (0.67%) for Rs 50.1 crore, according to block deal data on the Bombay Stock Exchange.

Motilal Oswal Equity Opportunities Fund Series also purchased 3.96 lakh shares, or 0.5%.

Elevation Capital (India)-backed Saif Partners India IV offloaded 45.07 lakh shares, representing 5.8% equity, for Rs 432.7 crore. The fund had a 10.77% shareholding in the Kolkata-based jeweller as of March.

The Mauritius-incorporated Saif Partners sold 2.95% stake in the secondary market earlier this month.

Senco Gold reported a growth in its revenue and volume in financial year 2024, despite rising gold prices and market volatility. Revenue of the jeweller jumped 28% in the last fiscal and 39% year-on-year in the quarter-ended March, according to a business update. Its volume also rose, with gold reporting a 13% increase and diamonds seeing 19% growth in the year-ended March 2024.

Shares of Senco Gold closed 1.3% higher at Rs 964.35 apiece, as compared with a 0.27% advance in the S&P BSE Sensex.