Belrise Industries Share Price: Shares of Belrise Industries are in uptrend today (December 24) for the second straight day after SBI Mutual Fund and BlackRock
bought more than 6 per cent stake. Belrise shares opened in the green at Rs 170.99 on NSE and went on to make a high of Rs 177.28, up 5.4 per cent. At 10:45 AM, Belrise shares up 2.2 per cent at Rs 171.91 with 2.44 crore equities changing hands. More volume traded closed the day's low price of Rs 168. The counter is gaining for the last two trading sessions and moving higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. According to the block deal data available on the NSE, SBI Mutual Fund and BlackRock on Tuesday bought a combined stake of 6.56 per cent in Belrise Industries from a promoter entity of the automotive systems manufacturer for about Rs 897 crore through open market transactions. SBI Mutual Fund purchased nearly 5.13 crore shares or a 5.76 per cent stake, while BlackRock, through its arm BlackRock Emerging Markets Fund Inc, acquired over 70.50 lakh shares, representing a 0.79 per cent stake in the company. The shares were picked up at an average price of Rs 153.70 apiece, taking the combined deal value to Rs 896.73 crore. Following the latest transaction, US-based BlackRock's holding in Belrise Industries rose to 1.85 per cent from 1.06 per cent. Belrise Industries had made its Dalal Street listing in May this year. Its shares listed with a premium of over 11 per cent at Rs 100 on NSE against the issue price of Rs 90. Belrise Industries is an automotive components manufacturing company, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles. The company has a long-standing relationship with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors. (Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
