Shares of this small-cap stock dipped 5 percent in Friday’s trading session. In the last six months, contrasting to the intra-day movement, the company’s stock has witnessed a rally of around 90 percent from Rs 246.30 to the current price level.
With a market capitalization of Rs 1,700 crores, the stocks of IFGL Refractories Limited closed at Rs 467.30 apiece on Friday, slipping around 5 percent as compared to the previous closing levels of Rs 489.85.
Such stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), informed about Krosaki Harima Corporation, a member of the Promoter Group, selling its entire stake.
According to the data available for the June 2023 quarter, the entity held nearly 15.51 percent stake, i.e., 55.90 Lakh shares, and, the same was sold in an off-market transaction on 17th August 2023
On an annual basis, the company’s consolidated financials show an increase in its net sales from Rs 1,260 crores during FY21-22 to Rs 1,387 crores during FY22-23. During the same time horizon, the after-tax profits went up marginally from Rs 77 crores to Rs 79 crores.
The latest shareholding data of the company exhibits the Promoters having a 72.43 percent stake in the company followed by the Retail Investors holding a 17.06 percent stake in the company.
IFGL Refractories Limited is involved in the business of manufacturing as well as selling refractories and other associated services thereof. It possesses a wide range of product categories, some of which include Tube changer systems, Foundry ceramics, Wire guides, etc.
Written by Amit Madnani
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