Monnet Ispat holding firm on Blackstone bulk deal
The fund buying, according to brokers tracking the movement in Monnet Ispat, could be on account of reshuffling of the portfolio as prompted by uncertain market conditions.
By ET Bureau | Updated:
Shares of Monnet Ispat have been holding firm despite generally choppy market conditions in the current week. According to market sources, leading private equity (PE) investor Blackstone has turned bullish in the company, buying a large chunk of its equity in the current market.
In the past one week, the PE investor bought 25 lakh shares, or 3.8%, including 13 lakh acquired on Tuesday when the Sensex slipped 353 points amid concerns about the 50-basis point hike in interest rates by the RBI.
The fund buying, according to brokers tracking the movement in Monnet Ispat, could be on account of reshuffling of the portfolio as prompted by uncertain market conditions.
Most of the shares have been acquired from Swiss Finance Corporation in the open market. Monnet Ispat shares closed 0.4% up at 497.8 while the Sensex fell 0.4% to 18432 on Wednesday.
Contributed by Vijay Gurav & Nishanth Vasudevan
In the past one week, the PE investor bought 25 lakh shares, or 3.8%, including 13 lakh acquired on Tuesday when the Sensex slipped 353 points amid concerns about the 50-basis point hike in interest rates by the RBI.
The fund buying, according to brokers tracking the movement in Monnet Ispat, could be on account of reshuffling of the portfolio as prompted by uncertain market conditions.
Most of the shares have been acquired from Swiss Finance Corporation in the open market. Monnet Ispat shares closed 0.4% up at 497.8 while the Sensex fell 0.4% to 18432 on Wednesday.
Contributed by Vijay Gurav & Nishanth Vasudevan
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