The shares of Aries Agro slipped 2.67% on Tuesday, to reach an intraday low of ₹ 204.20 apiece after ace investor Dolly Khanna reduced a stake in the company. Its shares were trading at ₹ 206.30 apiece on the National Stock Exchange (NSE) at 01:00 PM.
The Chennai based investor has been investing in the markets since 1996 and her husband Rajiv Khanna manages her portfolio. As per the latest shareholding pattern filed, she publicly holds 18 stocks with a net worth of over ₹ 324 crores.
The latest shareholding pattern filed by Aries Agro indicates that Dolly Khanna has offloaded her stake in the agriculture company during the third quarter (September-December 2022). Shareholders who hold more than 1% stake in a company are made to file their statements.
Aries Agro has been in existence since 1969. It started by manufacturing mineral feed additives for animals & birds and then diversified into mineral additives for the agriculture use. Today, it is diversified into the manufacturing of nutrients for plants with the introduction of chelated micronutrients and micronutrient fertilizers. It is a small cap company with a market capitalization of ₹ 205.75 crores.
Earlier, Dolly Khanna held a 1.1% stake in the company or 1,43,502 shares. However, her name does not appear in the latest shareholding pattern of the company. Therefore she might have reduced her stake to below 1% or would have sold her entire stake.
Observers say that she might have sold the stake for profit booking. The company’s share price has appreciated to the tune of 37% in the past month and 68% in the past six months. However the real reason for selling a stake remains unknown.
The share prices of most fertilizer companies witnessed a spike in their share prices after the government announced a hike in the subsidy. Most fertilizer companies have had to raise prices owing to increased input costs.The subsidy was announced to balance fertilizer input prices and reduce the burden on farmers. This led to a surge in the share price of these companies.
Written by Simran Bafna
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