To contextualize this ‘promoter selling’ –
- 1,17,000 sold on 21st Oct.
- 1,00,000 sold on 23rd Oct
The avg weekly delivery volume for last 2 weeks, is around 72,000 shares. Despite such huge quantity of selling on 2 days, the share price has hardly budged. Which means that some Institutional buying is likely to have happened on these 2 days, else the share price would have reacted / dropped sharply.
Alchemy Capital, run by Hiren Ved (a reputed Fund Manager) was the buyer on 21st Oct, they bought 90,000 shares.
Similarly some other institutional buying may have happened on 23rd too, which we will come to know later.
There was a round of promoter selling in Dec 2023 too, when a FII had entered the counter at the same time.
Cyclical stock yes, but the management mentioned during the call about, Govt thrust on 100% electrification and domestic renewable energy demand being strong tailwinds for the next few years.