Mukul Mahavir Agrawal buys stake in Ramesh Damani-backed stock that’s down 42% YTD. Do you own?
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Ace investor Mukul Mahavir Agrawal has acquired a stake in Protean eGov Technologies, a Ramesh Daman-backed company, signalling renewed investor interest in India’s expanding digital public infrastructure sector despite the stock’s recent setbacks. As per the September quarter shareholding data, Agrawal holds about 1.5% or over six lakh shares in Protean, formerly known as NSDL e-Governance Infrastructure, while market veteran Ramesh Daman owns a 1.05% stake amounting to more than four lakh shares, according to disclosures made to the Bombay Stock Exchange. The stock came under heavy selling pressure in May when Protean announced it was not shortlisted for the government’s high-profile PAN 2.0 project. Shares nosedived nearly 20% in a single session after the disclosure. The project was expected to be a major revenue driver given that PAN-related services currently contribute nearly 45–50% of the company’s top line. In its clarification t...