Well-known investor Sunil Singhania-owned Abakkus Growth Fund, through its two fund schemes, acquired nearly one percent stake in smallcap IT services company Mastek.
"Abakkus Growth Fund through its fund schemes i.e. Abakkus Growth Fund-1 and Abakkus Emerging Opportunities Fund-1 additionally acquired equity shares in company to the extent of 0.94 percent (2,28,854 equity shares) recently," the company said in its BSE filing on August 20.
As a result, their total shareholding in the company stands increased to 5.90 percent of the total paid-up capital of the company, from 4.96 percent earlier.
Abakkus Asset Manager LLP said its fund schemes acquired above-mentioned shares between March 9 and July 13, 2020.
The stock price rallied 5.12 percent to close at Rs 739.70 on the BSE, taking total gains of whopping 330 percent from its March lows.
As of June 2020, Abakkus Emerging Opportunities Fund-1 held 2.54 percent (6,21,166 shares) and Abakkus Growth Fund-1 had 3.18 percent equity stake (7,76,000 shares) in the company, which was 5.72 percent shareholding in total.Mastek reported a net profit of Rs 46.58 crore for the quarter ended June 2020, against Rs 38.94 crore in the previous quarter. Its revenue from operations increased to 386.06 crore during the quarter, from Rs 336.66 crore in the March quarter.