In June 2024, the Indian stock market soared to new all-time highs, prompting many company promoters and institutional investors to monetize their holdings through block deals and bulk trades.
Bulk deals refer to trades where the total value of shares traded exceeds ₹5 crore. bulk deals can involve multiple trades executed throughout the day.
Here are two stocks in which a bulk deal took place on June 28th,2024.
Neogen Chemicals Ltd
Neogen Chemicals Limited has been one of India’s leading manufacturers of Bromine-based,and Lithium-based specialty chemicals for the last 35 years.
Neogen Chemicals manufactures bromine and lithium-based organic and organo-metallic compounds, used in the pharmaceutical, agricultural chemicals, and engineering industries
Neogen Chemicals entered into the manufacturing of Lithium-Ion Battery materials through its wholly-owned subsidiary Neogen Ionics Limited.
On Monday’s trade, Neogen Chemicals Ltd shares gained 2.6% to ₹1,629.50 on the National Stock Exchange. The company has a market capitalization of ₹4,250 crores.
On June 28, 2024, Mr. Haridas Kanani, Chairman and Managing Director of Neogen Chemicals Limited, sold 5.67% of his equity, equivalent to 14,95,000 equity shares, from Neogen Chemicals Ltd in a bulk deal at ₹1,611.14 per share.
The shares were purchased by institutional investors including, SBI Mutual Fund and White Oak Group. Foreign Institutional Investor (FII), Custody Bank Of Japan Ltd Re Rb, Amundi India Small Cap Equity Mother Fund, acquired the shares at ₹1,610 each.
In FY24, the company’s consolidated revenue reached ₹ 691 crore, showing growth despite significant decreases in raw material prices, particularly bromine and lithium. EBITDA amounted to ₹ 110 crore, with Profit After Tax standing at ₹ 36 crore.
The Company has charted ambitious growth plans to foray into the high-potential sunrise sector of Battery Materials for EV applications through domestic manufacturing of Electrolyte and Lithium Electrolyte Salts. Management reported.
Neogen Chemicals Ltd Shares have gained 10 percent in the last six months and 2 percent declined in a year.
In terms of the March shareholding pattern, the company’s promoters hold a 56.89% stake, Foreign Institutional Investors hold 4.56%, and Domestic Institutional Investors hold 22.14%.
Ugro Capital Ltd
Ugro Capital Ltd specializes in lending, focusing on small and medium enterprises across sectors such as Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment and Components, Auto Components, and Light Engineering.
On Monday’s trade, Ugro Capital Ltd shares gained 1.4% to ₹300 on the National Stock Exchange. The company has a market capitalization of ₹2,671 crores.
According to NSE Bulk deal data for June 28th, 2024, Foreign Institutional Investor(FII), Societe Generale purchased 5,00,000 equity shares of Ugro Capital Ltd at ₹290.71 per share.
Financially, the company reported a significant 54% year-on-year increase in revenue, rising from ₹209 crore in Q4FY23 to ₹322 crore in Q4FY24. Net profit also surged by 136%, increasing from ₹14 crore to ₹33 crore.
Over the past six months, Ugro Capital Ltd shares have gained 6%, and they have risen by 23% over the past year.
Recently, In May 2024, Ugro Capital Ltd’s Board of Directors approved raising funds totaling ₹1,332 crore through the issuance of compulsory convertible debentures (CCDs) and warrants, both with a face value of ₹10, from both existing and new institutional investors, as well as Marquee Family Offices.
In terms of recent shareholding patterns, the company’s promoters hold a 2.23% stake, Foreign Institutional Investors hold 19.76%, and retail investors hold 72.91%.
Written by Omkar Chitnis
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