Bulk deal with John Cockerill: Ramesh Damani buys stake of Rs 13 crore while promoter buys out stake of Rs 91 crore

Top investor Ramesh Damani on Friday bought 27,500 shares worth Rs 13 crore in a smallcap company, John Cockerill India, in a bulk deal. The promoter, John Cockerill SA, sold over 1.91 lakh shares worth Rs 91 crore.The shares were bought at a price of Rs 4,704.45 each, which was a discount of 1% over Wednesday’s closing price of Rs 4,755.40 on the BSE.

Chetan Jayantilal Shah was another buyer in the deal and bought 25,000 shares at Rs 4,707 per share.John Cockerill SA (formerly Cockerill Maintenance and Ingenierie SA) is a Belgium-based industrial engineering group with global activities in energy, defence, industry, environment, transport and infrastructure. It is the parent company of the wider John Cockerill Group.

John Cockerill India Limited is the Indian subsidiary of John Cockerill SA and develops large-scale technology solutions for issues such as energy transition, sustainable industrial production and resource conservation. The company provides advanced equipment and solutions in areas such as energy (including green hydrogen), defense, steel production, environmental technologies and general industry.

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John Cockerill India shares ended today with a gain of 6.3% or Rs 298.25 at Rs 5053.65. The stock is currently trading below its 50-day simple moving average (SMA) of Rs 5,144.8, while it is above its 200-day SMA of Rs 4,155, according to Trendlyne data.

The stock’s one-year return stands at 13.87%, outperforming the Nifty and BSE Sensex during the same period. The benchmark indices have returned 10% and 8% respectively over the same period. However, John Cockerill has enjoyed a significant rally over the past six months, with shares rising 45%.

The price move took place in a context of high volatility, with a one-year beta of 1.3, according to Trendlyne data.

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Standalone net profit in the September quarter stood at Rs 9 crore, growing 219% year-on-year, while total revenue rose 29% year-on-year to Rs 99 crore.

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