Shares of Sastasundar Ventures Ltd. hit the upper circuit after market veteran Ashish Kacholia increased his stake in the online pharmacy and digital healthcare platform as investor interest in internet companies has spiked.
Kacholia, who usually bets on small caps, bought 2.25 lakh shares, or 0.70% stake, at Rs 447 apiece in a block deal on the National Stock Exchange, according to the bourse's deal data. The veteran investor already owns 3.30 lakh shares or 1.04% stake in the company.
Microsec Vision Trust One sold 2.25 lakh shares or 0.70% stake at Rs 447 apiece, the NSE data showed.
The fresh investment by veteran stock-picker comes when India's digital businesses have drawn investors during the pandemic. Some of the large new-age companies including Zomato Ltd. and Nykaa, operated by FSN E-Commerce Ventures Ltd., and Paytm's holding company One97 Communications Ltd. went public in a record year for initial public offerings.
Shares of Sastasundar Ventures gained as much as 4.99% to Rs 466.85 apiece around noon on Tuesday. So far this year, the stock has rallied 264.01% against a 23.28% rise in the Nifty 50.
In November, the company had signed a deal with Flipkart Group. The Walmart Inc.-controlled online retailer will acquire a majority share in Sastasundar Marketplace Ltd., the operator of SastaSundar.com, as it focuses on providing consumers access to affordable and convenient healthcare.
SastaSundar.com has a network of more than 490 pharmacies.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
