Why Titagarh Shares Hit All-Time High Today Even As Promoter Offloaded 52 Lakh Shares

Investment firm BlackRock bought over 31.19 lakh shares via two funds in Titagarh Rail Systems as promoter Rashmi Chowdhary cut her stake in the company.

What Happened: On June 26, BlackRock Global Emerging Markets Fund bought over 9.46 lakh of the firm's shares for ₹153.12 crore via a bulk deal. Meanwhile, BlackRock Global Funds bagged more than 21.73 lakh shares for ₹351.62 crore through a block deal on the BSE.

Blackrock's purchase was at an average price of ₹1,618 per share. Paris-based financial firm BNP Paribas also bought 5.20 lakh shares for ₹84.18 crore via a block deal.

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Chowdhary sold over 52 lakh lakh shares at a price of ₹1,618 in the deal. Chowdhary is a promoter of the railway company. As per shareholding data, she held a 9.52% stake in Titagarh Rail Systems as of March 31.

Titagarh Rail stock has clocked multibagger returns. Over the past year, the stock has surged over 200%. On a year-to-date basis, the stock has surged more than 81%.

Price Action: Titagarh Rail System's share price was up 6.8% to trade at ₹1874 in the early hours of trading on Thursday. The stock jumped up over 7% to hit a new all-time high of ₹1,896.95.

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Posted In: EquitiesNewsMarketsMoversTrading IdeasBlackrockBNP ParibasTitagarh Rail Systems