The Mirza Intl. stock had corrected more than 40% from the top on decent volumes, which made shareholders jittery since most were still sitting on gains. That would also partially explain the volumes as investors were keen to lock in their gains. A major concern was whether HDFC Mutual fund, which held about 3.7% at September end, was amongst the sellers, as it was a large entity holding a substantial chunk. The shareholding pattern for December end shows an increase in its holding to 4.39%, adding about 7.8 lakh shares during the Dec qtr. Investors in the Co. would be pleased as it helps them in maintaining their conviction levels.
Not insignificantly, the promoters too have increased their stake in the quarter, perhaps more with the intention of sending a message to its shareholders.
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