PGIM India Mutual Fund buys stake in stock that has tumbled 45% in one year

So, those who believe in bottom finishing and looking for stocks available at discounted price, they can look at this mutual funds’ favourite stock as L&T Mutual Fund, Franklin Build India Fund and Kotak Small Cap Fund have also stake in Somany Ceramics Ltd.

As per Somany Ceramics shareholding pattern for July to September 2022, L&T Hybrid Equity Fund holds 16,00,267 company shares, which is 3.77 per cent of total paid up capital of the company. Likewise, Franklin Build India Fund holds 18.50 lakh Somany Ceramics shares or 4.36 per cent stake in the company. Similarly, Kotak Small Cap Fund holds 28,43,640 Somany Ceramics shares, which is 6.69 per cent of total paid up capital of the company. After the end of September 2022 quarter, mutual funds together holds 72,33,011 Somany Ceramics shares or 17.03 per cent stake in the company.

Somany Ceramics share price history

Somany Ceramics share price has remained under sell off heat for last one year and every rise in the stock in this period has came out as a big opportunity for bears. So, the stock has remained bears’ favourite ‘sell on rise’ stock throughout the year. In last one month, Somany Ceramics share price has tumbled from ₹525 to ₹500 apiece levels, recording to the tune of more than 5 per cent descent in this time horizon. In last six months, this beaten down stock has slumped from around ₹575 to ₹500 per share levels, logging around 15 per cent loss in this time. Similarly, in last one year, Somany Ceramics share price has descended from around ₹900 apiece levels to ₹500 levels, sliding more than 45 per cent in this time.

However, after the newsbreak of PGIM India Mutual Fund buying stake in Somany Ceramics, shares of the company has attracted buying interest in early morning deals, logging around 3 per cent appreciation in the opening bell today.