In Friday's trading, the shares of FSN E-Commerce Ventures Ltd (Nykaa) and Ambuja Cements Ltd both saw 4% increases due to high activity and possible block trades on the counters. Nykaa's stock increased 3.96% to reach a peak of Rs 218.75 on the BSE. Ambuja Cements, owned by the Adani group, increased 4.23 percent to Rs 659.70.
Block trades on NSE saw the exchange of 6,79,56,000 Ambuja Cements shares, valued at Rs 4,250.65 crore. In contrast, Nykaa's BSE turnover was Rs 864.40 crore. According to sources, Harindarpal Singh and colleagues, a pre-IPO investor in Nykaa, was trying to sell a 1.4% share in the business for Rs. 809 crore.
Singh was a pioneering investor in the fashion conglomerate FSN E-Commerce Ventures, owned by Indian billionaire Falguni Nayar and the owner of the beauty and fashion portal Nykaa. He established The Caravel Group, a multinational company that specializes in asset management, maritime services, and resource trading. Singh has 6.4 percent ownership in Nykaa's parent company as of June 30, 2024, the conclusion of the June quarter.
Regarding Ambuja Cements, it was reported that the Adani group was seeking to sell a 2.84 percent share for Rs 4,200 crore. An Adani Group company called Holderind Investments sought to sell 69.96 million shares at a floor price of Rs 600 per, 5.19 percent less than the closing price of Rs 632.90 on Thursday.
At the conclusion of the June quarter, Holderind Investments owned 1,25,31,56,361 shares or 50.90 percent of Ambuja Cements. As of June 30, three promoter organizations held a combined 1,73,13,37,052 shares, or 70.33 percent, of the cement company.
