Share price of this company engaged in the trading of iron and steel products moved up by nearly 4.86 percent to Rs. 39.30 in the afternoon trading session of Wednesday, after the announcement of an acquisition.
With a market cap of Rs. 4,999 crore, shares of Lloyds Enterprises Ltd. opened at Rs. 37.89 on January 31, compared to its previous close of Rs. 37.48.
The company has delivered a positive return of more than 25.7 percent in the last six months compared to more than 338.9 percent in the last one year. So far in 2024, it has given around 2.71 percent returns.
According to the recent filings on the stock exchanges, Lloyds Enterprises Limited (LEL) completed the acquisition of a 60.38 percent stake in Lloyds Realty Developers Ltd. (LRDL), formerly known as Aristo Realty Developers Ltd., on 31st January 2024.
The total cost of acquisition remains at Rs. 110 crore in LRDL intending to solidify LEL’s strategic position in the real estate sector.
This investment was made through a fresh infusion of funds without any payment to existing shareholders of LRDL, as a result, with this infusion of funds, LRDL has now become debt-free.
In terms of financials, the revenue from operations of Lloyds Enterprises Limited increased by 117.45 percent from Rs. 149 crore in the September 2023 quarter to Rs. 324 crore in the December 2023 quarter, accompanied by a 92.3 percent increase in net profit to Rs. 75 crore in the December 2023 quarter from Rs. 39 crore in the September 2023 quarter.
As of December 2023, FIIs hold 0.40 percent of the shares, whereas the Public holds 25.68 percent of the shares in the company, and the Promoters’ holding has remained unchanged at 73.91 percent from the June 2023 quarter.
Incorporated in 1986 as Benson Steels Ltd., the company’s name was changed to Shree Global Tradefin Ltd. in 1996, and then to Lloyds Enterprises Limited.
The company has acquired the control of Lloyds Steels Industries Ltd., during the financial year 2021-22 and has been classified as the Promoters of the company Lloyds Steels Industries Ltd. holding a majority stake.
Among other things, the company is engaged primarily in the business of importing, exporting and dealing in iron and steel, alloy steel scrap, steel tubes, pipes and wires.
Written by Shivani Singh
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