Titagarh Rail Promoter Pares Stake For Rs 438 Crore; BlackRock, BNP Paribus Buy Shares
An affiliate of US investment major BlackRock Inc. bought 1.61% equity for Rs 351 crore.
A key promoter of Titagarh Rail Systems Ltd. pared a stake in the company for Rs 438 crore via open market deals on Wednesday. Rashmi Chowdhary offloaded 26.93 lakh shares, or 1.99% equity, at Rs 1,618 apiece, according to block deal data on the BSE.
Chowdhary had a 9.52% stake in the railway wagon maker as of March, while total promoter shareholding stood at 42.46%.
BlackRock Global Funds—an affiliate of US investment major BlackRock Inc.—bought 21.73 lakh shares, or 1.61% stake, for Rs 351 crore. BNP Paribas Financial Markets mopped up 5.2 lakh shares (or 0.38%) for Rs 84.1 crore.
Titagarh Rail Systems' net profit increased in the fourth quarter of fiscal 2024, led by higher other income of Rs 14.7 crore, and was in line with analysts' estimates.
The company's consolidated net profit jumped 63.7% year-on-year to Rs 78.9 crore in the quarter-ended March, as compared with Rs 48.2 crore over the same period last year.
Shares of Titagarh Rail Systems closed 9.19% higher at Rs 1,766.9 apiece, as compared to a 0.8% advance in the BSE Sensex.
