HDFC Mutual Fund Cuts Stake In Garden Reach Shipbuilders In June Quarter

Garden Reach Shipbuilders posted its shareholding data with the exchanges on Tuesday afternoon.

What Happened: HDFC Balanced Advantage Fund cut its stake in the government-owned company during the April-June period. As per BSE data, it currently holds around 22.62 lakh shares or a 1.97% stake in the company. This is a fall from the 56.22 lakh shares or a 4.91% stake it held at the end of March 2024.

As per the monthly mutual fund data, the fund has been consistently decreasing its stake in the company. In May 2024, the fund sold over 9 lakh shares of the company.

See Also: SBI To Sell Entire 24% Stake In Yes Bank 4 Years After Rescue: Report

As per the filing, foreign portfolio investors held onto their stake in the shipbuilding company during the April-June period. As of the end of June 30, foreign portfolio investors held 37.35 lakh shares or a 3.26% stake in the company.

The stock also counts ace investor Ramesh Damani as one of its shareholders. As per the latest data, Damani also held on to his 1.09% stake in the company.

Last month, the Kolkata-based company secured a contract to construct and deliver four multi-purpose vessels, each with a capacity of 7,500 DWT (Deadweight tonnage) from Carsten Rehder Schiffsmakler and Reederei.

Price Action: Garden Reach Shipbuilders’ share price was down 2.10% to close at ₹2,456.15 on Tuesday.

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