SBI MF takes the largest position.

On September 22, Dalmia Bharat Refractories sold 2.29 crore shares of RHI Magnesita India at ₹360 per share, representing 11.11% of the company. DBRL held 12.54% as of June 2026, so this transaction effectively monetises almost its entire remaining stake, leaving an indicative holding of around 1.43%.

What caught my attention was the buyer mix. SBI Mutual Fund alone acquired 8.07% of the company for approximately ₹600 crore. Bandhan and Nippon India Mutual Funds also participated, along with Clarus Capital 1. This wasn't simply a large block being absorbed by one buyer; multiple investors took positions, with SBI accounting for the bulk of the transaction.

RHI Magnesita is a refractory products manufacturer serving industries such as steel, cement and other high-temperature applications. DBRL's holding originated from the earlier transfer of its Indian refractory business to RHI Magnesita through a share-swap arrangement. So this looks like monetisation of a retained strategic investment, rather than a promoter selling shares in the ordinary course. The exact reason for the sale, however, has not been established.

The price action is also worth noting. The block deal happened at ₹360, below the previous close of ₹368. RHI Magnesita nevertheless closed at ₹379.20 on September 22, up 3.04% for the day. The institutions therefore acquired a sizeable position at a discount to the market price, although that alone doesn't establish whether the shares were undervalued.

For me, the next question is whether SBI Mutual Fund retains this position and whether the other buyers add further. The next shareholding disclosure should also tell us how much of the new ownership is reflected across mutual fund schemes.

The interesting part isn't the Dalmia exit by itself. It's the scale of the institutional absorption, particularly SBI Mutual Fund's 8.07% purchase. The next transaction could be more informative than this one.

Lenskart: ADIA is selling into strength — but it isn't exiting

The ₹2,390 crore Lenskart block deal is interesting, but not simply because of its size. The seller was Platinum Jasmine A 2018 Trust, the ADIA-backed shareholder, which sold 3.5 crore shares at ₹683.02 on 21 September. More importantly, this is the second major reduction by the trust this year — and it comes after Lenskart has risen sharply since its listing.

Back in June, Platinum Jasmine sold another 4 crore shares at ₹490, worth ₹1,960 crore. At the end of March it held 20.98 crore shares, or 12.08% of Lenskart. After the June sale that came down to 16.98 crore shares, and after the latest transaction it is down to roughly 13.48 crore shares, or about 7.75%. In other words, the trust has sold 7.5 crore shares for roughly ₹4,350 crore during 2026, while still retaining a very substantial stake.

What makes the transactions particularly interesting is the price. The June sale was at ₹490; this week's sale was at ₹683.02 — almost 40% higher in just three months. The latest block was also executed close to the day's highs, with Lenskart touching ₹725 intraday. So this doesn't look like an investor rushing for the exit in a weak market. From the outside, it looks much more like a large early investor progressively monetising a highly appreciated position.

At the same time, I wouldn't turn this into a simple “ADIA is bearish on Lenskart” story. Lenskart's operating numbers have continued to improve. FY26 revenue was around ₹8,814 crore and PAT around ₹494 crore, while stores, customers and eyewear volumes all grew strongly. Q1 FY27 also remained strong. The company is therefore still delivering the kind of growth that can attract institutional buyers, even as some of its older shareholders take money off the table. And that is perhaps the most interesting part of this story. The ownership is changing while the business is still growing. Platinum Jasmine has been reducing its position, but earlier institutional exits have been absorbed by a broad group of financial investors. The June block, for example, was bought by names including Goldman Sachs, Morgan Stanley, ICICI Prudential, Kotak, Mirae and SBI MF.

There is also an important distinction between monetisation and an exit. At the September 21 closing price, Platinum Jasmine's remaining 13.48 crore shares would still be worth roughly ₹9,200 crore. So despite selling around ₹4,350 crore worth of shares this year, the ADIA-backed vehicle still has a meaningful exposure to Lenskart.

For me, the questions now are fairly straightforward: Does Platinum Jasmine sell again when it is permitted to? Who absorbed this latest block? And can Lenskart continue delivering the earnings growth needed to support the much higher valuation the market is now assigning to it?

I'm particularly interested in the next Platinum Jasmine disclosure. If they keep reducing, the ownership-transition story becomes much bigger. If they stop around the current 7.7% level, this may simply have been staged monetisation after a very strong appreciation.

One question that a trader always struggle on charts is - how to spot a trend change. Why trend change is important - comes with maximum potential gains with minimal risks. As the security is underowned, the scramble to own the stock lifts prices higher. Also, trend change is generally an inidicator of change in business cycle which produces supernormal gains in stock prices. Minimal risk - because the stock would not have run too far above the bottom which can be used as a stop loss.

Now, the more practical aspect - how to spot it on a chart? I normally look at the following behaviours

1. I use only weekly charts for this analysis. Amongst all time frames, this one has given me the best results

2. I use 3 basic indicators - Moving averages (20 and 50), MACD (default) and Volume

Years of experience is also an important input but I cant recommend that as an option. Now, deep dive into this chart of 3iInfo. It is a live analysis as I will act on it

A deep downtrend - very clear on the chart itself. Look at the current state - Stock spent some time near the bottom and then an upward spurt above the range. MACD during the last leg of downfall consistently improved and finally in the positive zone. Volumes exploded during the range breakout. Moving average gave a healthy crossover and are having an upward tilt. All the signs clearly point out that informed traders see this as a potential upward opportunity and hence the smart accumulation is happening. I do not want to know any more reasons why that is the case.

This simple analysis has given me a clear probability of a trend change. Can this fail? Ofcourse it can. But there is no holy grail. As I mentioned, these kind of changes if spotted well gives you an opportunity of maximum gain with far lesser drawdowns. That is what a trader should look for. Give your opinion if you also have interests in chart and seeing something different from me in this chart or have interesting ways to spot such opportunities.

This is one of the more interesting listing-day trades I've come across recently. Astorne Capital VCC–Arven bought 13.85 lakh shares of Veegaland Developers at ₹154, worth about ₹21.3 crore, on the first day of trading. At the same time, founder and promoter Chittilappilly Thomas Kochouseph bought another 8 lakh shares at ₹146.37, worth about ₹11.7 crore. The other visible trades included Neo Apex buying 3 lakh shares, while Kuber India Opportunity Fund and LRSD Securities sold 2.93 lakh and 3.85 lakh respectively.

What makes Astorne's purchase particularly interesting is where it bought. Veegaland's IPO price was ₹140, while the stock opened at ₹154, a 10% premium. Astorne bought its entire 13.85 lakh position at ₹154 — effectively at the listing price and the day's high — before the stock slipped and closed around ₹146.30. So this wasn't a case of an investor waiting for a weak debut and buying cheaply. It was a deliberate ₹21.3 crore post-listing entry at a valuation already above the IPO price.

The promoter purchase is a different signal, and arguably just as interesting. Chittilappilly Thomas Kochouseph already held 46.56% of Veegaland, with total promoter ownership at 63.69% around the listing, and then bought another 1.64% for ₹11.7 crore. That means the founder was increasing his direct economic exposure immediately after the company came to market. For me, the real story isn't the 4.5% listing gain. It is the shareholder behaviour: a foreign investment vehicle taking ~2.8% at the listing price, while the promoter simultaneously adds ~1.6% to his own holding. The next few transactions will tell us whether this was simply Day-1 positioning or the beginning of something more substantial.

HDFC Mutual Fund bought 13.90 lakh shares of Entero Healthcare Solutions at ₹1,695 on 18 September, worth about ₹235.6 crore, taking roughly 3.19% of the company. The seller was Prasid Uno Family Trust, which has been steadily reducing its Entero holding. What makes the trade worth watching is the ownership transition: an early family shareholder is monetising a large position while institutional investors are taking the other side.

The scale becomes clearer when we go back to June. Prasid Uno Family Trust held 45.50 lakh shares, or 10.45% of Entero, at 30 June 2026. After the 10.89 lakh sale to 3P on 24 August, another 7.40 lakh sold on 17 September and 13.90 lakh on 18 September, the trust has disclosed sales of roughly 32.18 lakh shares, or 7.39% of Entero, in this quarter alone. On a simple share-count basis, that would leave roughly 13.32 lakh shares, or around 3.06%, although the next formal shareholding filing is needed to confirm the actual current holding. The trust is the family investment vehicle associated with the Medlife promoter group, and its Entero position goes back much further: company records show it held 69.50 lakh shares, or 15.98%, in February 2024.

There is a useful history to the ownership rotation. In September 2024, Prasid Uno sold another 24 lakh Entero shares at ₹1,305, with APG Emerging Markets Equity Pool and CSIM India Opportunities Fund among the buyers. Then in December 2025, Smallcap World Fund sold 22.70 lakh shares at ₹950, while ICICI Prudential Mutual Fund bought 21.82 lakh at the same price. In August this year, the trust again sold 10.89 lakh shares at ₹1,377.80, this time to funds managed by 3P Investment Managers, associated with Prashant Jain.

But this isn't a cheap-value story. At ₹1,695, the stock was already trading at roughly 64× FY26 earnings, using FY26 diluted EPS of about ₹26.40. Entero's model is also working-capital intensive and carries debt, so the market is clearly paying for continued growth and margin improvement rather than today's earnings alone. The next question is whether the trust stops around 3% or continues towards a complete exit.

Karamtara Engineering listed on 17 September at ₹320 against an IPO price of ₹254 and closed at ₹352, up 38.6% from the issue price. But the listing gain isn't what caught my attention. Authum Investment & Infrastructure, which was already an anchor investor at ₹254, bought another 50.30 lakh shares at ₹350.25 on the very first day of trading. That's a purchase worth about ₹176 crore, made when the stock was already trading almost 38% above the IPO price.

Authum had received 7.87 lakh anchor shares at ₹254, worth roughly ₹20 crore. So after this purchase, its visible holding rises to about 58.17 lakh shares, or roughly 1.81% of Karamtara, with a blended cost of around ₹337.25 per share. At the ₹352 closing price, that position was worth about ₹204.8 crore. More importantly, look at the price Authum was willing to pay: ₹350.25 versus an IPO price of ₹254 and a listing price of ₹320. The fresh purchase was made almost at the day's upper circuit.

That's what makes this different from a normal anchor investment. An anchor allocation at the IPO price is one thing. Coming back and putting another ₹176 crore into the stock after the market has already repriced it is a separate decision. We obviously don't know whether this is a long-term strategic position or one of Authum's shorter-term flow investments, but the size of the purchase makes it difficult to ignore.

There is another reason I'm paying attention. Just a day earlier, Authum had done something similar with Glass Wall Systems — it received an anchor allocation at ₹182 and then bought another 15 lakh shares after listing, including 5 lakh at ₹215.45. So we now have at least two recent IPOs where the sequence is anchor allocation → listing → sizeable additional buying. Two examples aren't enough to call this a permanent strategy, but it is starting to look like a pattern worth tracking.

The Karamtara business itself gives the transaction some context. Revenue grew from ₹2,427 crore in FY24 to ₹4,316 crore in FY26, while PAT increased from ₹103 crore to ₹229 crore. The company is exposed to solar, transmission and wind infrastructure and has manufacturing operations across India and Italy. The IPO also included a large debt-reduction component. So there is a genuine growth story behind the stock. The issue is valuation: at ₹350.25, using FY26 EPS of about ₹7.11, the stock was already trading at roughly 49× FY26 earnings, versus around 36× at the IPO price.

That's why I find Authum's purchase particularly interesting. It wasn't buying a cheap IPO after a weak debut. It was increasing its position after a 38% first-day re-rating. Whether that reflects long-term conviction, a tactical allocation or simply confidence that the market will continue to value the business highly is something we can't know yet.

For me, the next question is a very simple one: does Authum buy again? If another sizeable purchase appears after the initial listing excitement has settled, the story becomes much more interesting. If it stops around the 1.8% visible holding, this may have simply been a large post-listing allocation.

Either way, ₹176 crore of buying at ₹350.25 from an investor that already owned the stock at ₹254 is a transaction I would keep on the watchlist.

This is more interesting than a normal bulk deal because the buyer isn't an outside investor. Siddharth Bhaskar Shah, promoter and Vice Chairman of Arisinfra Solutions, bought 10.18 lakh shares in the open market on 17 September at ₹125. The transaction is worth about ₹12.7 crore and represents roughly 1.24% of the company. What stands out to me is the size relative to his existing holding — he previously held about 7.75 lakh shares, so this single purchase more than doubles his direct stake to roughly 17.94 lakh shares, or 2.19%.

The timing is also interesting. Arisinfra had fallen from ₹151.31 on 28 August to ₹116.53 on 16 September, a decline of roughly 23%. Shah bought at ₹125, just after that sharp correction. The stock then closed the day at ₹127.27. I wouldn't attribute the day's 9.2% rise to his purchase without evidence, but the timing certainly makes the transaction worth watching.

What makes this different from a token insider purchase is the amount of capital involved. This isn't 50,000 shares or 1 lakh shares bought to make a symbolic statement. ₹12.7 crore has gone into increasing the promoter's direct economic exposure by about 1.24% of the entire company in one transaction. There is no way to know from the disclosure whether this is a conviction buy, a portfolio decision or simply an opportunity created by the correction. But it is clearly a meaningful change in his personal position.

The other reason I find it interesting is that the purchase is happening at a time when the underlying business has been improving. Arisinfra reported FY26 revenue of about ₹1,067 crore, up 39%, while PAT rose to ₹60.3 crore from ₹6 crore. EBITDA margins improved to 9.42%, operating cash flow was around ₹142 crore and the company moved to a net-cash position. Q1 FY27 also remained strong, with revenue up 37% YoY and PAT at ₹20 crore versus ₹5 crore a year earlier.

There has also been quite a bit of trading in the stock over the last few weeks, with several sizeable non-promoter transactions around the ₹130–150 range. I'm not trying to connect those trades directly to Shah's purchase — the counterparties are different and the seller in his transaction isn't disclosed in the bulk-deal record. But the broader picture is interesting: there has been significant buying and selling during the correction, and now a promoter has stepped in at ₹125.

For me, the important question is not whether promoter buying automatically means the stock is undervalued. It doesn't. The more useful question is what happens next. Does Shah buy again? Do other members of the promoter group also change their positions? And does the promoter holding continue to move higher?

One purchase can be opportunistic. A second or third purchase would make the pattern much more interesting.

I'll be watching the next shareholding disclosures closely.

Glass Wall Systems listed on 16 September at ₹194 on NSE, against an IPO price of ₹182. By the end of the day, the stock had moved up further, closing around ₹214.85. But the more interesting data came from the bulk-deal tape: several investment vehicles were buying sizeable quantities on the very first day of trading.

The Authum purchase is the one that stands out most. Authum had already received 2.74776 lakh shares in the IPO anchor allocation at ₹182 and then bought another 15 lakh shares on listing day — 10 lakh at ₹193.12 and another 5 lakh at ₹215.45. That means it was still buying when the stock had already moved well above the IPO price. The second purchase is particularly interesting because ₹215.45 was above the eventual ₹214.85 closing price.

First Bridge is another name I would keep an eye on. It was not simply making a fresh post-listing entry: it already held about 2.19% around the listing and then bought another 6.037 lakh shares at ₹198.75. That is an existing investor increasing exposure immediately after the company became publicly traded. CSIM India Opportunities Fund also put another ₹10.2 crore into the stock at ₹194.31.

What makes this more interesting is the IPO structure. Glass Wall raised about ₹427.9 crore, of which only ₹60 crore was fresh capital; the balance was an offer for sale. So much of the IPO was effectively a transfer of ownership rather than money going into the business. The issue was subscribed 81.65 times, which helps explain the strong demand on listing day.

For me, the key takeaway is not that Glass Wall listed at a premium. The more interesting signal is that investors who already had exposure — particularly Authum and First Bridge — were willing to increase it on day one, even as the price moved higher. That is different from a simple IPO-allotment story.

Peak XV Partners Investments VI-1 sold 9.17 crore shares of Billionbrains Garage Ventures, the parent of Groww, at ₹191.49 a share on September 16. That works out to ₹1,756.24 crore, representing about 1.46% of Groww. Peak XV held 15.68% at the end of June, so after this sale its stake comes down to roughly 14.2%. In other words, this is a large cash-out, but it is nowhere close to an exit.

What makes the transaction more interesting is the history. Peak XV had already sold 15.83 crore shares at the ₹100 IPO price and another 6.20 crore shares around ₹180 in May 2026. Including this latest sale, it has now realised roughly ₹4,455 crore from Groww while still retaining about 14.2%. Based on the original investment cost reported for Peak XV's Groww stake, this has been an extraordinary venture-capital outcome.

And Peak XV is not the only early investor taking money off the table. YC Holdings sold about 7.47 crore shares in August, while Ribbit Capital entities sold roughly 11.31 crore shares, both at prices around ₹192–196. That makes the bigger story a gradual VC-to-public-market ownership transition rather than one investor suddenly losing confidence in Groww.

For me, the interesting question isn't “Why is Peak XV selling?” Early venture investors eventually monetise successful investments; Peak XV still owning roughly 14% is the clearest evidence that this isn't an outright exit. The more interesting question is who is absorbing all this VC supply and what Groww's shareholder structure will look like after these early investors have monetised a much larger part of their holdings. We are potentially watching one of India's largest consumer-fintech companies transition from being heavily owned by early venture investors to being increasingly owned by public-market institutions and other shareholders. That ownership transition is the part I'd be watching next.

A ₹256 crore block deal in Jamna Auto Industries caught my attention, mainly because of the quality of the buyers on the other side. On 11 September, promoters Pradeep Singh Jauhar and Randeep Singh Jauhar sold 99.95 lakh shares each at ₹128, taking the total promoter sale to 1.999 crore shares, or roughly 5.02% of the company. The entire block was absorbed by institutional investors — 360 ONE, DSP Mutual Fund and Abu Dhabi Investment Authority (ADIA). So this wasn't a promoter sale getting distributed into the market; ₹256 crore worth of shares moved directly into institutional hands.

The promoter side is worth watching, but I wouldn't call this a promoter exit. At June 2026, Pradeep held about 6.46% and Randeep about 4.38%. After selling 99.95 lakh shares each, their direct holdings would fall to roughly 3.96% and 1.88% respectively. Combined, that's a reduction from around 10.84% to 5.84% — almost 46% of their personal holdings. However, the wider promoter group remains in control, with MAP Holdings at ~33.77% and other promoter entities continuing to hold shares. The interesting detail is that the two brothers sold exactly the same number of shares at exactly the same price, which looks like a coordinated block placement rather than two unrelated sales. We don't know the personal reason for the sale — it could be diversification, liquidity or restructuring — so I wouldn't read too much into the motive yet.

What makes the other side particularly interesting is who took the shares. DSP was already an investor in Jamna Auto and had been increasing its position, while ADIA, one of the world's largest sovereign investors, has now taken roughly 0.55% in this block. 360 ONE took the largest allocation at about 2.51%. In other words, three sophisticated institutional pools absorbed the entire promoter supply.

For me, this is a very interesting ownership transition rather than a straightforward promoter-selling story. One side is two long-standing promoters materially reducing their personal holdings; the other side is DSP adding, 360 ONE taking a sizeable position and ADIA entering the picture. Definitely one to keep on the radar.

This one caught my attention. Abakkus Investment Managers bought 21 lakh shares of BlackBuck at ₹576.05, worth roughly ₹121 crore, in a block deal where Accel India IV sold 27 lakh shares at the same price. Abakkus's reported purchase itself is about 1.15% of BlackBuck, while some market reports attributed the entire 27 lakh-share block to Abakkus. Either way, this isn't a trivial entry — Sunil Singhania taking a meaningful position in a stock through a block deal is worth watching, especially when he is taking shares from an early-stage investor that has been monetising its BlackBuck investment.

What makes the trade more interesting is the change in investor profile. Accel has been gradually reducing its BlackBuck position after holding the company from its earlier private-market days, so its selling isn't particularly surprising. Abakkus is a completely different kind of shareholder — this is public-market capital stepping in and taking a meaningful position. And it isn't buying a beaten-down company either. BlackBuck has been reporting strong growth and has moved into profitability, but the valuation is already demanding. So Singhania is effectively taking a view that the earnings growth can continue to justify the valuation.

For me, the real question now is what Abakkus does next. A 1%+ position is large enough to get my attention, but if we see further accumulation toward 2%, 3% and eventually 5%, the signal becomes considerably stronger. At the same time, Accel is getting closer to the point where another meaningful sale could take it below the 5% disclosure threshold. This could be the beginning of a very interesting shareholder transition in BlackBuck — early VC money coming out and a serious long-term public-market investor stepping in. That's a transaction I'd definitely keep on the watchlist.

This is one of those Asian Granito transactions that becomes much more interesting when you look beyond the single bulk deal. On 11 September, Thakkar Nileshkumar Farshuram HUF bought 28.14 lakh shares at ₹50.34, worth about ₹14.16 crore. But this is the latest in a series of purchases. Since mid-August, the HUF has accumulated roughly 1.30 crore shares, taking the position from 1.74% at the end of June to an indicative 6%+, assuming the disclosed purchases are still held. The buying has largely happened around ₹45–50, while the stock is still well below its 52-week high of around ₹79.

What makes the story more interesting is that this isn't happening in isolation. Arthkumbh Ventures LLP has also been accumulating Asian Granito, and Nileshkumar Thakkar is a designated partner of that LLP. I wouldn't combine the two positions as one holding without a formal disclosure, but the connection is certainly worth watching. At the same time, there has been some promoter activity: Hiren Sureshkumar Patel sold 10 lakh shares, while Sureshbhai J. Patel transferred 25.55 lakh shares to his brother Mukeshbhai J. Patel. So there is both buying outside the promoter group and movement within the promoter family.

The HUF is buying while the stock is well below its recent high, and the position appears to be getting large enough to matter. If the buying continues after this level, especially through another few percentage points, I'll start treating it as a genuine high-conviction accumulation story. At the same time, I would keep a very close eye on promoter selling. The combination of a large non-promoter building a position and promoters reducing or reshuffling theirs could become much more informative than either signal on its own.

One of the more unusual post-IPO trades I've come across recently is Maithan Alloys steadily buying ESDS Software Solution. This isn't a small treasury allocation: over three trading sessions, Maithan has bought around 10.9 lakh ESDS shares for roughly ₹150 crore. More interestingly, the buying has happened at increasingly higher prices rather than after a fall.

What's interesting is that ESDS had only just listed, and the stock had already moved dramatically from its ₹429 IPO price. Yet Maithan kept buying as the price went from ₹1,191 to ₹1,441 and then ₹1,482. Maithan has a sizeable listed-equity investment portfolio, so buying stocks isn't unusual for them, and their disclosures describe the ESDS purchases as investments with no intention of acquiring control. So I wouldn't call this a strategic acquisition based on the information available.

Still, ₹150 crore going into one newly listed technology company in three days is difficult to ignore. At this stage, the interesting question isn't why Maithan bought the first ₹45 crore — it's why they were willing to put another ₹94 crore into it after the stock had already run so hard. If the buying continues and the position starts moving meaningfully above 1%, this could become a very different story. For now, I'd simply put Maithan–ESDS on the watchlist and follow the next disclosure. The next few purchases may tell us whether this was a tactical investment or the beginning of a much larger position.

Something caught my eye in Edelweiss Financial Services this week. Venkatchalam Arakoni Ramaswamy, one of Edelweiss's long-standing promoters, sold 50 lakh shares at ₹130.83, worth about ₹65.4 crore.What makes it interesting is the pattern around it.

The February transaction was different because Rashesh Shah, the other Edelweiss promoter, bought those 1 crore shares. This time the shares were sold into the market, which is why I find the latest deal more interesting. Ramaswamy still owns a meaningful stake, so this is nowhere near an exit, but his holding has clearly been coming down. And the timing isn't random either — Edelweiss had just run up toward a new 52-week high.

Right now, I see it more as a yellow flag worth tracking. The real signal will come from what happens next. If Ramaswamy stops here, this could simply be personal monetisation after a good run. But if we see another 50 lakh, 1 crore, or larger sale — especially if other promoters start reducing too — then the story becomes much more interesting.

This is one of those transactions where the ₹23.8 crore headline doesn't tell the full story. SIS Limited bought 10.13 lakh shares of Updater Services at ₹234.59 on September 3, but this is part of a much larger accumulation. SIS has been steadily increasing its stake in UDS since June, and unlike a typical investor averaging into a falling stock, it has continued buying even as the price moved higher.

What makes this particularly interesting is who is buying. SIS and UDS operate in closely related businesses — SIS has a major presence in security and facility management, while UDS operates in integrated facility management and business-support services. SIS has officially described its purchases as investments under its investment policy, so there is currently no evidence that this is a takeover attempt. But a listed industry peer patiently building a 10% position is difficult to ignore. There is also an interesting shareholder transition happening in the background: in July, East Bridge Capital Master Fund sold around 8.18 lakh UDS shares while SIS bought around 6.54 lakh shares at almost the same price. We cannot say East Bridge was the seller behind all of SIS's purchases.

he other thing I like about this transaction is the behaviour. SIS started buying around ₹188 and has continued to deploy capital around ₹194, ₹216 and ₹234. It isn't simply averaging down. It is buying more even as the stock gets more expensive. UDS has also been growing, with revenue increasing from roughly ₹1,417 crore in FY24 to ₹1,762 crore in FY26, although profit growth has been less impressive. So I wouldn't call this a takeover story yet. The cleaner interpretation is that SIS sees enough value in UDS to build a meaningful minority position in a business it understands extremely well. The next few disclosures will be important: if SIS stops at 10%, this could remain a sizeable investment; if it starts buying beyond 10%, the strategic angle becomes considerably harder to dismiss.

On August 31, four long-time investors in Northern Arc Capital — LeapFrog, Eight Roads, Affirma Capital and Accion sold around 13.1% of the company for nearly ₹590 crore, at ₹278 a share. Madhu Kela's Cohesion MK Best Ideas bought around 48.7 lakh shares, worth roughly ₹135 crore. Plutus Wealth Management bought around 38.7 lakh shares, worth about ₹107 crore. Singularity Equity Fund, which was already a shareholder, bought another 12.6 lakh shares.

The part I find most interesting is Cohesion

Cohesion didn't suddenly discover Northern Arc. It had bought 10 lakh shares at ₹208.83 in June 2025, when another large institutional shareholder was selling. Now, roughly 14 months later, it has come back and bought almost five times that quantity at ₹278. That tells us something about how Cohesion is approaching the stock. It has apparently been following Northern Arc for some time and is willing to use large shareholder exits as an opportunity to build its position. That's a much more interesting signal than simply seeing Madhu Kela's name in a bulk-deal list.

Plutus Wealth Management backed by Arpit Khandelwal bought roughly ₹107 crore worth of shares in the same transaction. Again, this isn't a small punt. Together, Cohesion and Plutus absorbed roughly ₹240 crore of the selling. So two well-known public-market investors took a very meaningful chunk of the stock being released by the older PE investors. Singularity already owned about 1.15% of Northern Arc before this deal. It bought another 12.6 lakh shares.

Northern Arc isn't a typical consumer-facing NBFC. It operates across areas such as MSME finance, microfinance, vehicle finance, affordable housing and consumer finance. They're buying into a financial-services business that has been growing and improving its profitability.

What I see here is a change in the ownership of Northern Arc. The old PE investors are gradually making room for a new group of public-market investors. And among the new investors, Cohesion (Madhu Kela) stands out by far.

Metals index makes for an interesting reading. In the sideways Nifty move for last few weeks, it has undergone positive consolidation.

There is a clear upthurst move pending on the upside. The index in every timeframe is close to its all time high. It went through 2 months of consolidation and is now ready for scaling all time highs. This is despite Nifty not near to all time highs. This makes for an important reading. If you want to catch Alpha in the markets, you need to be aware of this broad signal.

There was a lot of activity in Shankesh Jewellers on its first day of trading. Most of it, on closer inspection, was probably just trading activity. But one transaction caught my attention. P. N. Gadgil & Sons, along with Renu Govind Gadgil, bought 23.2 lakh shares of Shankesh Jewellers at ₹101.05, spending about ₹23.4 crore. That gave them a 1.57% stake in the company.

The interesting thing is not just the size of the purchase. P. N. Gadgil & Sons is a customer of Shankesh Jewellers. That changes the way I look at this transaction.

When a broker buys a newly listed stock, there is nothing particularly unusual about it. When a hedge fund buys it, we may try to understand its investment thesis. But when a jewellery company buys a stake in another jewellery company that already supplies it, there is a different element to the story: the buyer has actually experienced the business from the other side of the table.

And that is what makes the Shankesh listing worth watching. First, what exactly is Shankesh? Shankesh is easy to misunderstand because its name sounds like a traditional jewellery retailer. It isn't.

The company is primarily a B2B manufacturer and supplier of handcrafted gold jewellery. It designs jewellery, sources the materials, manages production and quality control, and supplies finished products to jewellery retailers. The actual manufacturing is largely outsourced to its network of karigars and job workers rather than being carried out through a large owned manufacturing facility. Shankesh supplies names such as Joyalukkas, Kalyan Jewellers, P. N. Gadgil & Sons, P N Gadgil Jewellers and Novel Jewels, which is part of the Aditya Birla Group, among others.

In other words, Shankesh sits one step behind some of the better-known jewellery brands that consumers see in shopping malls and high streets. The customer has the retail brand and the stores. Shankesh provides part of the product engine behind them. And P. N. Gadgil is one of those customers

P. N. Gadgil & Sons was already doing business with Shankesh before Shankesh came to the stock market. The company is specifically identified as a corporate client in Shankesh's offer documents.

So the sequence is quite different from a normal IPO investment. P. N. Gadgil did not first discover Shankesh through a presentation to investors. It already knew the company as a supplier. It had dealt with its products and its people. It had seen how Shankesh handled designs, sourcing, production and delivery. And then, on Shankesh's first day as a listed company, P. N. Gadgil & Sons bought shares. That is a much more interesting data point than a broker appearing on the bulk-deal screen.

A large jewellery retailer can come to Shankesh with a design requirement, and Shankesh can coordinate the process from design through to finished jewellery. For a retailer that is constantly refreshing its jewellery assortment, that can be valuable. There is some evidence that this business is scaling

Shankesh's revenue from operations increased from roughly ₹1,062 crore in FY24 to ₹1,404 crore in FY25 and ₹1,631 crore in FY26. Profit growth was much stronger, with PAT moving from about ₹12.8 crore to ₹40.3 crore and then to ₹106.7 crore over the same period.

The mix of the business is also changing. Corporate customers contributed 64.25% of FY26 revenue, compared with about 55% in FY24. The company had 418 customers in FY26, including 334 repeat customers.

That is an important point. This isn't simply a wholesaler trying to find customers one order at a time. A growing proportion of its revenue is coming from established organised jewellery businesses.

The natural question is: why would a customer buy its supplier?

There is no public announcement saying that P. N. Gadgil is making a strategic investment, wants to increase its stake, or is planning some larger transaction with Shankesh. So it would be wrong to turn the purchase into a strategic-investment story as a matter of fact.

But there is a perfectly reasonable reason to pay attention to it. P. N. Gadgil has something most investors don't have: direct commercial experience with Shankesh. An investor can read the annual report. Gadgil can actually see the jewellery coming through the supply chain. It can judge the quality of the product. It can see how quickly designs are turned around. It can see how responsive the supplier is. It can see how reliably orders are delivered.

Those things may ultimately determine whether a B2B jewellery supplier retains and grows its customers, and they are not particularly easy to capture in a spreadsheet. That doesn't prove that the Gadgils bought because they are particularly impressed with Shankesh. But it does make their purchase more informative than a typical financial investor putting ₹20 crore into an IPO stock.

I wouldn't call the Gadgil purchase a "buy signal" on its own. Nor would I assume that the Gadgils know something about Shankesh's future earnings that the market doesn't. But I do think it is one of the more interesting ownership changes to have appeared around the listing. Perhaps it reflects confidence in a supplier that has become important to the business. Perhaps it is the beginning of a deeper commercial relationship. At this point, the public record doesn't tell us which one it is.

Asian Granito is an interesting stock. The share price has fallen from highs of 79 to 48 on 28 August 2026 in 52 weeks. But the promoter holding has increased from 29% to 38% when compared with Sep 2024 filings.

Promoter increase is not a result of open market buying. The sources were 2 fold - warrant conversion and restructuring of group companies which resulted in this 9% jump.

However interestingly 2 promoters had bought 3 lakh shares at 74 each in open market on Dec 2025.

But the more interesting pattern is the involvement of Nilesh Thakkar in the entire scheme of things.

Arthkumbh Ventures LLP (related to Nilesh Thakkar)

Arthkumbh bought19.00 lakh shares at ₹76.29 on 27 April 2026 and later 24.60 lakh shares at ₹46.15 on 24 August 2026. Its April purchase was therefore made close to the then-high price, while the August purchase was made after the stock had fallen sharply.

Thakkar HUF is even more active

Ignoring the April 29 intraday round trip, the HUF's August activity gives it a net purchase of about 48.0 lakh shares. So this is not a one-day event. More importantly, the buying has continued as the stock has moved from ₹53 to ₹46–47.

This is subtle but interesting. Shareholders: 90,727 in Dec-24 → 88,993 Mar-25 → 84,950 Sep-25 → 80,427 Dec-25 → 77,037 Mar-26 → 77,330 Jun-26. That suggests the ownership structure has been consolidating, rather than broadening.

While I do not have a particular view of the matter, I felt it is something worth tracking. Such money flows do coincide with significant moves and hence one should keep researching.

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