Bandhan Mutual Fund buys 3 lakh shares in this luxury watch retailer, stock jumps 2%; check details

According to exchange data, Bandhan Mutual Fund purchased a 1.22% equity stake in luxury watches retailer Ethos Ltd for ₹100.38 crore in large deals on Monday.

The mutual fund house purchased 3,00,000 equity shares of Ethos Ltd. in multiple deals on the NSE on August 19.

The shares were bought at an average price of ₹3,346 per share, taking the total deal size to ₹100.38 crore.

The exchange data showed that Ethos Ltd's promoter group entity, Mahen Distribution Limited, divested 1,60,000 lakh shares of the company in a large deal at an average price of ₹3,346 per share.

Another promoter group entity, Master Capital Services Ltd, divested 1,40,000 equity shares of Ethos Ltd in two large deals at an average price of ₹3,346 per share.

EEthos Ltd is India's largest luxury watch retailer, with more than 60 stores and over 60 premium luxury watch brands. Promoters held a 54.71% stake in the company as of June 2024, and public shareholders held a 45.29% stake.

Shares of Ethos Ltd surged up to 2% in early trade on Tuesday to hit a high of ₹3,375 per share on NSE. The stock later pared gains to hit a low of ₹3,358 before trading 1% lower at ₹3,272.5 apiece at 11:25 am. Meanwhile, the stock is up more than 57% so far this year.

Ethos Ltd reported an 18.8% jump in revenue from operations to ₹273.2 crore for the June quarter. EBITDA for the quarter grew by 28.7% YoY to ₹49.7 crore.

Bandhan Bank shares rose by more than 1% to hit a high of ₹194.77 apiece on the NSE in early trade. Shares of the private were trading 1.32% up at ₹194.55 per share at 10.25 am.