Vanguard Group Acquires Rs 998 Crore in Indian Companies

US-based financial services company Vanguard Group acquired shares worth Rs 998 crore in seven Indian companies via open market transactions on the NSE. Concurrently, Zurich-based UBS Group AG sold shares worth Rs 479.77 crore. Key acquisitions included Concord Biotech, Five-Star Business Finance, and Marksans Pharma.

US-based financial services giant Vanguard Group made significant investments on Friday, acquiring shares worth Rs 998 crore across seven companies in India, including Concord Biotech, Five-Star Business Finance, and Marksans Pharma through open market transactions.

Vanguard, using its affiliates, executed these bulk deals on the National Stock Exchange (NSE), marking a substantial overseas interest in India's burgeoning market. Key acquisitions were Rs 331 crore in Concord Biotech, Rs 304.74 crore in Five-Star Business Finance, and Rs 158.39 crore in Marksans Pharma. Additionally, shares acquired included Genus Power Infrastructure (Rs 63.26 crore), Sansera Engineering (Rs 53 crore), VA Tech Wabag (Rs 47 crore), and Arvind Fashions (Rs 39.56 crore).

Conversely, UBS Group AG, a financial services company based in Zurich, offloaded shares worth Rs 479.77 crore in Marksans Pharma, Five-Star Business Finance, Concord Biotech, and IIFL Securities. This contrasted with the positive market response, as shares of Marksans Pharma, Concord Biotech, and other companies involved noted significant upticks in their closing prices on the NSE.

(With inputs from agencies.)