Sunil Singhania’s Abakkus Fund has reduced its stake in utilities company Ion Exchange (India).
Sunil Singhania sells stake in Ion Exchange (India)
Abakkus Fund, which publicly has a portfolio of 28 stocks, currently has a net worth of over Rs 2,817.2 crore (this is likely to change as more Q3 shareholding updates come in). The fund sold a 0.64% stake in Ion Exchange (India) in Q3FY24 and now holds a 2.14% stake. It first bought shares in the company in Q2FY21 and had been increasing its stake until Q4FY23. It has since reduced its stake in the company for two consecutive quarters.
Since Abakkus added Ion Exchange to its portfolio, the stock price has risen by 8.5X until December 2023. The company has also outperformed the non-electrical utilities industry in the past year by 99.7%.
In Q2FY24, Ion Exchange’s profit increased by 9% to Rs 42.5 crore, while revenue grew by 19% YoY to Rs 542.5 crore. The company ranks high in Trendlyne’s checklist, scoring 56.5%. The mid-cap company also has high financial strength, with a Durability score of 65, but has an expensive Valuation, scoring 22. Its PE ratio is at 39.9, below the industry median and currently in the strong sell zone.
Abakkus Fund also sold a 0.1% stake in Technocraft Industries (India), an iron and steel company. It now holds 2.7% of the company.
Other superstar changes this Q3
During the quarter, Anil Kumar Goel and Associates sold a 1% stake in iron and steel manufacturer Vardhman Special Steels, and now holds 1.2% of the company. Over the past five years, the company's stock price has risen by 358.2%, while the iron and steel industry rose by 721.4%.
Dolly Khanna has cut her stake in Nitin Spinners to below 1% in Q3FY24, from 1.2% in Q2FY24. Over the past five years, the textile company’s stock price has risen by 268.8%, compared to the textile industry’s 534.6% rise.
While she sold a stake in one textile company, she increased her investment in another textile manufacturer, Deepak Spinners. She bought a 0.2% stake in the company, bringing her total holdings to 1.8%. She also cut her stake in cement company KCP to 1.1% in Q3 from 1.4%. She has been reducing her stake in KCP for 10 consecutive quarters.
