Finace And Stock

Sunil Singhania, Mukul Agrawal make a killing on Paras Defence, sit on 246% gains

NEW DELHI: Dalal Street veteran Sunil Singhania and Mukul Agrawal were among the renowned value investors, who picked significant stakes in the newly-listed Paras Defence and Space Technologies during the IPO, the company’s shareholding data for the September quarter showed.

Assuming they have not exited the stock, which got listed on October 1, both are sitting on nearly 250 per cent gains. On Thursday, the stock traded at Rs 606.10, up 5 per cent. The counter has hit the upper circuit limit every day since listing.

The shareholding data showed Mukul Agrawal held 9,04,286 shares in the company, or 2.32 per cent. Sunil Singhania, via Abakkus Emerging Opportunities Fund-1, held 9,80,091 shares, or 2.51 per cent. At its current share price, Agarwal’s stake is valued at nearly Rs 55 crore while Singhania’s holding is worth Rs 59 crore.

Among other major individual shareholders who held more than 1 per cent in the company are Jaya Chandrakant Gogri, Amit Mahajan and Shilpa Mahajan. Retail investors held 11.10 per cent and HNIs 12.54 per cent.

Nippon India Small Cap Fund and HDFC Focused 30 Fund were among the two mutual fund companies that picked stakes during the IPO. They collectively held 2.82 per cent. Foreign portfolio investors held 4.36 per cent in the company, with Ashoka India Equity Investment Trust holding the most at 2.60 per cent.

Most analysts had a ‘subscribe’ rating on the IPO. Though, analysts are yet to start their coverage of the stock, some analysts express their bullishness on the prospect of the company.

“We like Paras given its complex/wide product portfolio, presence in niche defense/space, strong client relationship and high entry barriers. Given the huge impetus on the defense by the government, the stock presents a good opportunity for investors to participate in this niche space,” Hemang Jani, Head of Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services, said last week.

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