Major stake disposals by promoters and aggressive institutional buying marked a dynamic trading day in Indian markets, with UltraTech Cement leading large transactions amid a surge in initial public offerings like Milky Mist Dairy Food and Gaja Capital’s upcoming listing.
Block deals dominated trading in several Indian equities on Thursday, with UltraTech Cement drawing the biggest transaction of the day, while Thyrocare Technologies and Urban Company also saw large stake changes. The moves came as primary-market activity stayed hot, with the Milky Mist Dairy Food offering closing heavily oversubscribed and Gaja Alternative Asset Management setting terms for its own initial public offering, according to Business Standard.
In UltraTech Cement, Pilani Investment and Industries Corporation, part of the promoter group, sold a 0.85% stake for ₹2,896.3 crore. The firm held a 1.50% stake in June 2026, Business Standard reported. Domestic institutional buyers stepped in aggressively, with HDFC Mutual Fund leading purchases at ₹1,500 crore and ICICI Prudential Mutual Fund buying shares worth ₹400 crore. UltraTech is India’s largest grey cement maker and a key unit of Grasim Industries, which holds a majority stake, according to company data cited by Moneycontrol.
Thyrocare Technologies also saw a sizeable promoter exit, with Docon Technologies selling a 9.9% stake for ₹986 crore. In a separate deal, SBI Mutual Fund bought a 2.04% stake in Urban Company for ₹428.4 crore, while investors including Accel India IV and Bessemer India Capital largely reduced holdings, Business Standard said. Thyrocare is a diagnostics and preventive care laboratory chain headquartered in Navi Mumbai, and it operates through a wide network in India and overseas, according to Moneycontrol. SBI Mutual Fund and HDFC Mutual Fund are among India’s largest asset managers, while ICICI Prudential is also a major domestic fund house.
The same day, Milky Mist Dairy Food’s ₹1,553 crore initial public offering was subscribed 56.12 times on the final day of bidding, helped by strong demand from institutional investors. According to NSE data cited by Business Standard, the qualified institutional buyers’ portion was subscribed 155.83 times, while the retail and non-institutional segments were covered 8.41 times and 34.91 times, respectively. The company had already raised ₹465.30 crore from anchor investors on Monday. Separately, Gaja Alternative Asset Management, which uses the Gaja Capital brand, fixed a price band of ₹152 to ₹160 a share for its ₹550 crore IPO, which opens on August 19 and closes on August 21, with anchor bidding set for August 18.
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