The stock rose 35% in 5 days, with mutual funds buying over 18 lakh shares

Shares of smallcap company Sharda Motor Industries Limited (SMIL) touched new highs on Monday. Shares of Sharda Motor Industries on the Bombay Stock Exchange (BSE) on Monday rose 19% to Rs. 2620 was done. Shares of Sharda Motor Industries have jumped 35% in 5 days. Mutual funds bought around 9% stake in Sharda Motor Industries Ltd through open market deals.

Mutual funds bought 18.4 lakh shares of the company
ICICI Prudential Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund-HDFC Manufacturing Fund, Axis Small Cap Fund, HSBC Mutual Fund and Axis India Manufacturing Fund have jointly bought 18.4 lakh equity shares of Sarada Motor Industries Limited in June, 2024. Mutual Funds have collected these shares from promoters of Rs. 367 crores have been bought.

Mutual funds bought shares of the company at this price
The mutual funds listed these shares on the National Stock Exchange (NSE) at Rs. 1996.10 per share bought through bulk deals. As of March 31, 2024 data, Mutual Funds held 0.04% in Sharda Motor Industries Limited (SMIL). Meanwhile, Mala Rail has sold 8.71% stake (2.5 million shares) in Sharda Motor Industries through open market deals. Mala Raylan is part of the promoter group. After this transaction, Mala Relan’s stake in the company has come down to 0.02% from 8.73% earlier.

People’s money doubled in just six months
Shares of Sharda Motor Industries Limited (SMIL) have returned more than 100% in 6 months. The company’s stock has doubled investors’ money in just 6 months. On January 1, 2024, the shares of the company will be Rs. was at 1303. Share of Sharda Motor Industries on July 1, 2024 Rs. 2620 has been reached. The company’s shares have gained more than 223% in the past one year. Shares of the company on July 3, 2023 at Rs. 805.85 which on July 1, 2024 was Rs. Reached at 2620. Shares of the company have seen a jump of around 65 percent in the last one month.