Shares of this chemical stock under the ‘small-cap’ category jumped approximately 2 percent in Tuesday’s trading session after multiple Institutions and Mutual Funds bought a stake in the company on December 18th, 2023.
With a market capitalization of Rs 7,660.48 crores, the stocks of Archean Chemical Industries Limited, a leading manufacturer of Specialty Marine Chemicals in India, opened their trading session on Tuesday at Rs 615.65 and closed at Rs 620.80, gaining around 2 percent compared to the previous close of Rs 609.60 apiece.
The stock closed in the green after multiple Institutions as well as Mutual Funds traded shares of the company via Bulk Deals.
As per the Bulk Deal data available with the National Stock Exchange (NSE), DSP Mutual Fund, Goldman Sachs FDS – India EQ Portfolio, and Tata AIA Life Insurance Company bought 10 lakh, 6.24 lakh, and 14.06 lakh shares in the company respectively. The shares were bought at an average trade price of Rs 600 per share.
On the other hand, India Resurgence Fund – Scheme 1, India Resurgence Fund – Scheme 2, and Piramal Natural Resources Private Limited sold 11.38 lakh, 19.23 lakh, and 11.38 lakh shares of the company respectively.
During the recent financial quarters, the company’s basic business parameters such as operating revenues and after-tax profits faced some negative movements with the former dipping from Rs 343 crores during Q1FY23-24 to Rs 290 crores during Q2FY23-24, and, the latter, in congruence, slipping from Rs 93 crores to Rs 66 crores.
As per the recent presentations, the company portrays a strong clientele base with 29 ‘Global’ clients and 38 ‘Domestic’ clients.
Founded in 2003, Archean Chemical Industries Limited is engaged in the business of manufacturing and selling specialty marine chemicals within as well as outside India. The company offers ‘bromine’ for use in pharmaceuticals, agrochemicals, water treatment products, etc.
Written by Amit Madnani
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