Vanguard Group picks up over 1% stake each in Avalon Tech, Pine Labs, SJS Enterprises, SKF India

New business data points to the fact that Vanguard Group, through two of its schemes, acquired more than 1 percent stake each in Avalon Technologies, Pine Labs, SJS Enterprises and SKF India (Industrials) through open market transactions on September 18.

Vanguard Group's funds are owned by market participants who hold shares in the funds, with the schemes operating as foreign portfolio market participants on behalf of these market participants.

Vanguard Total International Stock Index Fund and Vanguard Emerging Markets Stock Index Fund, a series of VIEIF (Vanguard International Equity Index Funds), acquired 7.02 lakh shares, representing a 1.05 percent stake in Avalon Technologies, for Rs 177.45 crore. The buying price was Rs 2,527.69 per share.

Both schemes picked up 1.67 crore equity shares, or a 1.45 percent stake, in Pine Labs, for Rs 321.7 crore at a price of Rs 191.85 per share. Pine Labs, based in Noida, provides point-of-sale systems, online payment gateways and digital payment infrastructure.

Further, Vanguard Group bought 3.96 lakh shares, or a 1.24 percent stake, in SJS Enterprises for Rs 96.26 crore at a price of Rs 2,425.8 per share. The firm manufactures aesthetic and decorative parts for the automotive and consumer appliance industries.

Vanguard schemes additionally acquired 5.15 lakh shares, representing a 1.04 percent stake, in SKF India (Industrial) for Rs 153.81 crore. The buying price was Rs 2,984.6 per share. The firm makes rolling bearings, seals, mechatronics and lubrication systems.

Following the deals, Avalon Technologies shares rallied 13.8 percent on Friday to end at Rs 2,537.7 amid high volumes on the NSE, while Pine Labs soared 4.1 percent to Rs 192.04 amid above-average volumes.

SJS Enterprises shares surged 6.92 percent to Rs 2,422.8, accompanied by robust volumes, while SKF India (Industrial) ended significantly off the day's high, rising 1.49 percent to Rs 2,984.2, backed by firm volumes.