Vanguard Group, through two of its schemes, acquired more than 1 percent stake each in Avalon Technologies, Pine Labs, SJS Enterprises and SKF India (Industrials) through open market transactions on September 18. According to reports, Vanguard Total International Stock Index Fund and Vanguard Emerging Markets Stock Index Fund, a series of VIEIF (Vanguard International Equity Index Funds), acquired these stakes on behalf of their investors who hold shares in the funds.
The acquisitions involved substantial investments across all four companies. Vanguard Group bought 7.02 lakh shares, representing a 1.05 percent stake in Avalon Technologies, for ₹177.45 crore at a price of ₹2,527.69 per share. Both schemes picked up 1.67 crore equity shares, or a 1.45 percent stake in Pine Labs, for ₹321.7 crore at ₹191.85 per share. The company, based in Noida, provides point-of-sale systems, online payment gateways and digital payment infrastructure.
Vanguard Group also acquired 3.96 lakh shares, or a 1.24 percent stake in SJS Enterprises for ₹96.26 crore at ₹2,425.8 per share. The company manufactures aesthetic and decorative parts for the automotive and consumer appliance industries. Additionally, the schemes acquired 5.15 lakh shares, representing a 1.04 percent stake in SKF India (Industrial) for ₹153.81 crore at ₹2,984.6 per share. The company makes rolling bearings, seals, mechatronics and lubrication systems.
Following the deals, there was significant market reaction across all four companies. Avalon Technologies shares rallied 13.8 percent on Friday to end at ₹2,537.7 amid high volumes on the NSE. Pine Labs soared 4.1 percent to ₹192.04 amid above-average volumes. SJS Enterprises shares surged 6.92 percent to ₹2,422.8, accompanied by robust volumes, while SKF India (Industrial) ended significantly off the day's high, rising 1.49 percent to ₹2,984.2, backed by strong volumes.
