Tips Industries Promoters Sell 5% Stake To SBI MF For Rs 244 Crore
The Taurani family, promoters of Tips Industries Ltd., have sold 5% stake in the company to SBI Mutual Fund for Rs 244 crore through open market transactions on Monday.
Founder, Chairperson and Managing Director Kumar Taurani and Executive Director Ramesh Taurani sold 24.5 lakh shares (1.9%) each in the Mumbai-based music record label company, according to bulk deal data available on the BSE.
Renu Kumar Taurani and Varsha Taurani sold 8 lakh shares (0.62%) each.
SBI Mutual Fund mopped up 64.25 lakh shares. The transactions were done at Rs 380 apiece, indicating a 7.5% discount from the previous closing price.
The promoters, who sold shares, held a combined 48% stake in the company as of December 2023. The total shareholding of the promoters stood at 68.92%, after the Tauranis offloaded 78 lakh shares—representing 6.07%—in block deals last month.
In the December quarter, Tips Music reported a 72% year-on-year increase in net profit to Rs 34.7 crore, with revenue rising 27% to Rs 64.8 crore.
The board announced an interim dividend of Rs 3 per share for the quarter.
Shares of Tips Industries closed 5.07% higher at Rs 430.80 on the BSE on Monday, as compared with a 1.76% advance in the benchmark Sensex.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
