CG Power : 2024 may see block deal of shares worth Rs 425 crore tomorrow
A Foreign Institutional Investor (FII) shareholder is likely to sell stake worth Rs 425 crore in CG Power and Industrial Solutions Ltd
tomorrow (May 21) via block deal, sources told CNBC Awaaz on May 20.
The block deal is likely of 65 lakh shares for a deal size of Rs 425 crore. CG Power closed 5.3 percent higher at Rs 663.25 apiece on BSE on May 18 in special half-day trading session held.
The block deal is likely to happen in 2-3 percent discount to market price, sources added.
Stock market is closed today on account of the fifth voting phase for the Lok Sabha Election 2024 in Mumbai, marking the second holiday of the month. The closure is in line with the seven-phase election, as all six seats in the city are set for polling.
That’s interesting news about CG Power! Here’s a breakdown of the situation based on the information available:
- Block Deal: A large sale of shares, likely around 65 lakh shares, is expected to happen tomorrow (May 22nd, 2024) for CG Power. This block deal is estimated to be worth ₹425 crore.
- Seller: The seller is believed to be a Foreign Institutional Investor (FII).
- Price: The block deal is expected to be executed at a discount of 2-3% compared to the current market price.
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Here’s what this might mean for CG Power’s stock:
- Potential Price Dip: A large block sale can put downward pressure on the stock price, especially if the deal happens at a discount. However, the actual impact depends on various factors like overall market sentiment and buying activity from other investors.
- Increased Volatility: The block deal can lead to increased trading volume and potentially higher volatility in the stock price around the time of the deal.
It’s important to stay updated with market news tomorrow to see how the block deal affects CG Power’s stock price.
Here are some resources to keep an eye on:
- Financial News Websites: Check financial news websites like Moneycontrol or Economic Times for updates on CG Power’s stock price movement tomorrow.
- Stock Market Apps: Mobile apps for stock exchanges (NSE or BSE) can provide real-time price data and news feeds.