Shares of Axiscades Technologies rose 5.39% on Wednesday, extending gains after Sunil Singhania's Abakkus Asset Manager picked up a 3.03% stake in the engineering solutions company through a block deal. The stock had hit a 10% upper circuit in the previous session, closing at Rs 2,067.40 amid heavy volumes on the NSE.
The immediate trigger for the stock's move is the block deal involving promoter Jupiter Capital, which sold a 10.69% stake in the company on September 29.
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Abakkus buys Rs 235 crore stake
Abakkus Asset Manager bought 12.88 lakh shares of Axiscades for around Rs 235 crore, giving the investment manager a 3.03% stake in the company.
Kotak Mahindra Mutual Fund was another major buyer, picking up 20.83 lakh shares, equivalent to a 4.89% stake, for Rs 380 crore. Together, Abakkus and Kotak AMC acquired a 7.92% stake in Axiscades.
The shares were bought at Rs 1,824 apiece, well below the current market price. At Rs 2,178.80, Wednesday's price is about 19.5% above the block deal price.
Vanaja Sundar bought 3 lakh shares for Rs 54.72 crore, while Svadha India Emerging Opportunities Scheme 1 acquired 8.77 lakh shares for Rs 160 crore.
Jupiter Capital sells 10.69% stake
Jupiter Capital, which held a 58.03% stake in Axiscades as of June 2026, sold 45.48 lakh shares, representing 10.69% of the company's paid-up equity, for Rs 829.72 crore.
The shares were sold to four institutional investors at Rs 1,824 apiece. The transaction effectively saw the promoter monetise part of its holding while institutional investors, including Abakkus and Kotak AMC, built fresh exposure to the stock.
Axiscades shares have now moved sharply above the block deal price, with the stock's latest gain coming after its 10% upper circuit in the previous session.
Disclaimer: This article has been written by Sakshi Kumari, who is not a SEBI-registered Research Analyst or an Investment Adviser. Sakshi Kumari and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
