The stock of Urban Company surged over 17 percent during Wednesday’s trade to Rs 129.40 compared to its previous close of Rs 109.85 apiece.
The steep rise came after SBI Mutual Fund bought additional shares in the company on Tuesday. The stake raise was done through block deals.
The stock of the online platform for skilled professionals was later trading at around Rs 125.20 apiece, with a premium of close to 14 percent.
SBI Mutual Fund had bought over 3.5 crore shares of Urban Company at an average price of Rs 109.85 apiece on the NSE, while close to 2.25 crore shares were bought at Rs 109.83 apiece on the BSE.
This indicates that the stake of SBI Mutual Fund in Urban Company will now be close to 5 percent. With the latest block deals, the mutual fund has raised its stake by 4 percent from 1.89 percent earlier.
The mutual fund raised its stake by 4 percent for Rs 632 crore.
The latest buying rally in the stock is in contrast to the decline in the stock price on Tuesday.
The stock had declined on Tuesday after early investors and shareholders sold stakes in the open market. The stake sale had come following lock-in expiries. These large sell orders had created an oversupply in the stock, leading to a fall in prices.
Today’s surge, however, shows the issue of oversupply has now been contained with the help of large block deals and new investors coming in.
According to the company’s exchange filings, it reported a revenue of Rs 261 crore in the December quarter, lower than the Rs 269 crore in the previous quarter.
However, the company was able to lower its net loss during the third quarter of FY26 to Rs 15 crore from Rs 49 crore in the September quarter.
The company got listed on the bourses in September last year.
