Morgan Stanley bought this smallcap stock through a block deal of Rs. 3.74 crore worth of shares bought

Morgan Stanley on Tuesday through block deals totaling Rs. At a cost of Rs 3.74 crore, Neogin bought over 6.7 lakh shares in Fintech. On BSE Rs. 54.14, up 2.8% against Monday’s closing price of Rs. 55.65 was bought.

The seller in the deal was Think India Opportunities Master Fund LP which sold the number of shares. The fund held 87,24,344 shares in the company as on September 30, 2024, representing a 9.17% stake.

Share Rs. 62.20 before closing up 15% to Rs. It touched an intraday high of 63.60.

Neogin Fintech has a market capitalization of Rs. 591.87 crores.

The company started by building a leading ‘Neobank’ platform infrastructure company to serve MSMEs for their credit related needs, financial inclusion, investment and SAAS services.

The stock has been a laggard over the past 1 year and has seen its share price decline by 14% over that period. This year, so far, the decline has been even stronger as the stock has seen its price drop by 33%. Although the S&P BSE Sensex has returned 21% in the last 12 months, it has underperformed.

Rs. The counter has been trending lower since touching its 52-week high of 98. In October this year, it was Rs. It hit a 52-week low of 45. The correction took the stock below its 200-day simple moving average (SMA) of Rs. 66 while it is still Rs. It is trading above the 50-day SMA of 53.

Despite the correction, the stock is trading in the overbought zone with an MFI of 87, as reported by Trendlyne. A number above 70 is considered overbought while a number below 30 is seen as oversold. It is also fairly volatile with a 1-year beta of 1.1.

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