Shares of this large-cap stock associated with the manufacturing of industrial plastic products gained up to 1.50 percent on Thursday after a couple of Promoter group members sold approximately 47 lakh equity shares via Block Deal.
With a market capitalization of Rs 50,601.27 crores, the stocks of Astral Limited closed at Rs 1,883.70 on Thursday with an intra-day high of Rs 1,888 representing a gain of around 1.50 percent as compared to the previous close of Rs 1,864.50 apiece.
The bullish stock price behavior is witnessed after a huge bunch of shares changed hands through the Block Deal window on 20th December 2023.
As per the data available with the National Stock Exchange (NSE), two of the Promoter group members, viz, Kairav Chemicals Limited and Saumya Polymers LLP sold 10.60 lakh and 36.21 lakh shares of Astral Limited at an average trade price of Rs 1,889.80 each.
As per the shareholding pattern for the quarter ended September 2023, the former Promoter mentioned above held around 1.85 crore equity shares and the latter held around 2.64 crore equity shares.
On the other hand, a bunch of well-known institutions became counterparties in buying a stake in Astral Limited.
Parties include Morgan Stanley (15.4 lakh shares), Govt of Singapore (8.84 lakh shares), Abu Dhabi Investment Authority (5.25 lakh shares), National Pension System (1.06 lakh shares), Nippon India Mutual Fund (12 lakh shares), Reliance Life Insurance Company Limited (1.06 lakh shares), and Tara Emerging Fund (2.65 lakh shares).
During the recent financial quarters, the company’s operating revenue as well as after-tax profits were on the rise with the former taking a shift from Rs 1,283.1 crores during Q1FY23-24 to Rs 1,363 crores during Q2FY23-24, and, the latter, in congruence with the pattern, rose from Rs 119.3 crores to Rs 131.7 crores.
As per the recent presentations, the company is aggressively expanding its capacity in the ‘pipe’ business with the introduction of three new plants in Hyderabad, Guwahati, and Kanpur. Moreover, the large-cap company has increased its capacity by 20,000 metric tons within the existing plants.
Astral Limited, along with its subsidiaries, is engaged in the business of manufacturing and marketing water tanks, pipes, adhesives, and sealants within as well as outside India. With industrial and residential applications, the company operates via two business segments, viz, the ‘Plastic’ segment and ‘Adhesives’ segment.
Written by Amit Madnani
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