On September 18, 2020, Anupama Kishor Patil, acquired 1.4 million equity shares of KPIT Technologies
at price of Rs 100 per share on the BSE, the bulk deal data shows. On September 22, Anupama Patil had bought an additional 94,000 shares of the company via open market.
Post acquisitions, Anupama Kishor Patil’s stake in KPIT Technologies
increased to 0.59 per cent from 0.04 per cent, the company said. The names of the sellers were not ascertained immediately.
In a separate regulatory filing, the company said it released majority of pledge shares lying with the Vistra ITCL (India) Limited (‘Vistra’). CLICK HERE FORE DETAILS
Meanwhile, in the past month, the stock has soared 43 per cent, against 4 per cent decline in the S&P BSE Sensex. In the past three months, it has zoomed 101 per cent, as compared to 8.6 per cent rise in the benchmark index.
As per the management’s initial assessment, there will be significant impact in H1 of FY2021 and it expects recovery to commence from Q3 of FY2021. KPIT has a strong balance sheet with over Rs 380 crore net cash balance and negligible debt.
The company has also taken proactive steps in deferring its medium term capex plans and pulling out levers to manage profitability. It remains confident that it will be able to meet all its delivery & financial commitments in time. With the exception of a few, KPIT has not seen any material changes in production programs and it continues to engage strategically with its customers across the globe, the company said in 2019-20 annual report.
KPIT continues to believe that Europe, particularly Germany will bounce back fast paving way for quicker and strong bounce back, towards the end of FY2021.