KIMS sees 2% equity change hands in Rs 392.10 cr block deal

Around 15.7 lakh shares, representing a 2 percent stake in KIMS changed hands at a floor price of Rs 2,497 apiece

Moneycontrol News

August 28, 2024 / 11:11 IST

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26 Aug, 2025 12:21

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Shares worth as much as Rs 392.10 crore of Krishna Institute of Medical Sciences were involved in a block deal on August 28. Around 15.7 lakh shares, representing a 2 percent stake in the company changed hands at a floor price of Rs 2,497 apiece, implying a little over 1 percent discount to the previous closing price.

Moneycontrol could not immediately verify the buyers and sellers in the transaction.

Following the block deal, the stock witnessed a knee jerk reaction and fell marginally. At 09.16 am, it was trading with minor cuts at Rs 2,511.95 on the NSE.

Just yesterday, brokerage firm Axis Securities chose KIMS Krishna Institute of Medical Sciences as one of its preferred bets with a four-week perspective. The firm has a 'buy' call on the stock with a target price of Rs 2,587-2,700 and a stop loss at Rs 2,300.

"The stock has broken out above the 'rounded bottom' pattern at Rs 2,356 on the weekly chart, signaling a continuation of its medium-term uptrend," the firm noted. Axis further suggested that KIMS is forming higher highs and higher lows on the technical charts, maintaining its position above the upward-sloping trendline, and is trading above key short and medium-term moving averages (20, 50, 100, and 200 days), all of which indicate a positive bias. "The Weekly RSI strength indicator also supports this outlook, suggesting an upside potential to Rs 2,587-2,700," the brokerage added.