The company, which specializes in manufacturing agrochemicals like pesticides and insecticides, saw a 17% surge in its shares, reaching a 52-week high price of Rs 262 per share. This increase occurred following R K Damani’s firm bought a 3.5% stake in the company.
On Thursday,At 11:40 a.m, shares of Bhagiradha Chemicals & Industries Ltd(BCIL). were trading at Rs 250.55, up 12.23 percent from the previous close price, with a market value of Rs 2,618 crores.
On June 5, 2024, Derive Trading And Resorts Private Limited, an entity backed by a veteran investor Radhakishan Damani, bought 4.31 million equity shares, equivalent to approximately 3.5% of the total equity of BCIL, for Rs 81.17 crore. The purchase was made at a price of Rs 188.49 per share through a block deal on the BSE, as per exchange data.
Subsequently, Chetan Shantilal Shah, a public shareholder, sold his entire holding of 4.31 million shares, representing 3.46% of BCIL’s equity, through a block deal in the open market, according to data.
Bhagiradha Chemicals & Industries is an Indian agrochemical company engaged in the production of insecticides, fungicides, herbicides, and specialty intermediates. Its product range includes Chlorpyrifos, Diafenthiuron, Fipronil, Buprofezin in the insecticide category, Azoxystrobin in fungicides, Imazethapyr, and Clodinafop-propargyl in herbicides, among others.
The company exports its products to various countries including the USA, Brazil, Colombia, Argentina, Mexico, Costa Rica, Germany, UK, France, Portugal, Italy, Israel, Turkey, Iran, Indonesia, Taiwan, Malaysia, New Zealand, and Australia.
In the recent shareholding pattern, the company’s promoters hold a 20.27% stake, while FIIs and DIIs hold 0.08% and 3.14% stakes, respectively.
Recently,Bhagiradha Chemicals also announced a stock split, dividing each share with a face value of ₹10 into 10 shares with a face value of Rs 1.
The company’s shares have yielded returns of 60% in six months and 56% in a year.
Bhagiradha Chemicals & Industries Ltd operational revenue has declined by 19 percent yearly, from Rs 502 crore in FY22-23 to Rs 407 crore in FY23-24. During the same period, net profit declined by 56 percent from Rs 46 crore to Rs 20 crore.
Written by Omkar Chitnis
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