If you are a very large global fund, it’s necessary to have your communication wires well-lit. Else, chances are you will run into Reliance Capital, the epitome of local market savvy.
Two curious block trades in the shares of Jammu & Kashmir Bank are a case in point.
On August 12, Reliance Capital Trustee Co and Reliance Life Insurance Co bought 8.16 lakh and 5.84 lakh shares of J&K Bank at Rs 450 per share from US-based Smallcap World Fund Inc, a part of the gigantic Capital Group of Companies of the US.
A fund manager in New York is said to have sold the shares. On August 31, the same ADAG firms sold back the 14 lakh shares at Rs 600 apiece to Smallcap.
This time, it was a Singapore fund manager who is said to have bought. It’s not known if the New York and Singapore fundmen were in contact.
Guess ADAG firms have no complaints after making Rs 21 crore in 20 days!
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