Rolex Rings experienced a notable surge of nearly 3% in its share price on Tuesday after substantial block deals took place in the market. The Gujarat-based company saw a significant shift in its equity with major institutional investors making moves in the open market.
On Tuesday, SBI Mutual Fund, India Acorn ICAV, Kotak Mahindra Mutual Fund, and Franklin Templeton Mutual Fund collectively acquired a 2.97% stake in Rolex Rings. This was achieved through the purchase of 8.09 lakh shares at prices ranging between ₹2,421.08 and ₹2,425 per share. The total value of this transaction amounted to ₹196.14 crore. This move reflects a strong interest from prominent mutual funds in the company, indicating confidence in its future prospects.
In a parallel development, ICICI Prudential Mutual Fund, along with Rolex Rings promoters Ashok Dayashankar Madeka and Sanjay Bhagvanji Bole, sold a 3.61% stake, equivalent to 7.65 lakh shares, through open market transactions.
These shares were sold at a similar price range of ₹2,419 to ₹2,425 per share, totaling ₹185.44 crore. The sale by the promoters and ICICI Prudential Mutual Fund indicates a strategic rebalancing of holdings, possibly to capitalize on the high market valuation.
The transactions have had a significant impact on the stock’s performance.
Following these transactions, Rolex Rings shares were trading 2.70% higher at ₹2,503.00 on the NSE as of 9:30 am.
