Shares of this Agrochemical stock jumped approximately 8 percent in Monday’s trading session after the company’s Board is set to meet on 5th March 2024 to consider and approve the sub-division of equity shares of the company. In the past month, the company’s stock has spiked nearly 20 percent.
With a market capitalization of Rs 1,822 crores, the stocks of Bhagiradha Chemicals & Industries Limited opened their trading hour on Monday at Rs 1,769.35 and currently trade at Rs 1,751, gaining approximately 8 percent compared to the previous closing levels of Rs 1,629.50 apiece.
Such bullish stock price behavior was witnessed after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE), intimated that the company’s Board of Directors have scheduled a meeting on Tuesday, 5th March 2024, to consider and approve the sub-division of equity shares of the company.
During the recent financial quarters, the company’s basic business parameters showed a dip in numbers with the operating revenues shifting down from Rs 122 crores during Q2FY24 to Rs 74 crores during Q3FY24 and the after-tax profits, during the same time period, reducing from Rs 5 crores to Rs 3 crores.
As a result of the annual underperformance, the company’s return ratios too saw dipping percentages with the return on equity (RoE) taking a downshift from 18.82 percent during FY21-22 to 14.41 percent during FY22-23 and the return on capital employed (RoCE) falling drastically from 28.84 percent to 19.86 percent keeping the timeframe the same.
The latest shareholding data for the December 2023 quarter exhibits the company’s Promoters holding a 23.52 percent stake, Public (retail) Investors holding a 76.32 percent stake, and Foreign Institutional Investors (FIIs), recently increasing their stake, currently hold a 0.17 percent stake in the company.
Bhagiradha Chemicals & Industries Limited is a company based in India that is engaged in the business of manufacturing agrochemical products. The company performs sales of its products within as well as outside India, some of which include herbicides, insecticides, fungicides, as well as other intermediates.
Written by Amit Madnani
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