Happiest Minds shares tumble over 9% on promoter stake sale buzz

Shares of Happiest Minds Technologies fell 9.5% to the day’s low of Rs 830.20 on BSE after the company’s promoter Ashok Soota reportedly sold off 6% stake and approximately 91.3 lakh shares in the company through a block deal.

The official buyers and sellers of the transaction are not yet known.

As of March 2024, Ashok Soota held 38.45% stake in the company holding nearly 5.85 crore shares of Happiest Minds out of the 50% shareholding by the promoter and promoter group while 48% is held by the public.


Also read: Promoters on a selling spree amid red hot D-Street valuations

The company had reported a profit after tax of Rs 7,198 lakh for Q4FY24, which is an increase of 24.8% on a year-on-year (YoY) basis while the revenue in constant currency grew by 9.5% YoY.

Annually, the revenue in constant currency for the company grew by 11% and a total income of Rs 1,71,003 lakh was generated. The PAT for the full financial year stood at Rs 24,839 lakh, denoting a growth of 7.5% against the previous fiscal year.

In the last 3 months, the shares of the company have gained 9.3% and 5% in the last one month. However, on a year-to date (YTD) basis, the stock has declined by 6%.

Currently, the stock is performing well above all its significant exponential moving averages and trading in an overbought zone near the 71 mark level on the RSI, as per Trendlyne data.

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