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Data Patterns stock climbed 9.69% to Rs 2,035.15 on the BSE. Trading volumes also spiked to 61 lakh shares, higher than the one-month daily traded average of 1 lakh shares.
Florintree Capital Partners, led by Mathew Cyriac, has exited its investment in Data Patterns (India) Ltd, selling its entire 10.71% stake worth about Rs 1,100 crore. The company has also received investments from Singapore's GIC, Mirae Mutual fund, HDFC Mutual Fund, and Kotak Mahindra Mutual Fund. Data Patterns, a defence and aerospace electronics solutions provider, has seen a 21x return in less than three years.
The brokerage, in its report released on Thursday, said, "With increasing indigenization and favourable government policies, defence sector will continue to flourish. We maintain our overweight stance. Our preferred stocks in the sector are HAL, BEL, and Data Patterns."
For the six-month period ended September 30, 2023 the profit grew to Rs 59.62 crore, from Rs 35.29 crore registered during the corresponding period of last year, the Chennai-headquartered company said in a press release here.
Data Patterns shares rose 6.75% to Rs 2130 against the previous close of Rs 1995.15 on BSE.