The shares of one of the leading consumer Durables stock specializing in manufacturing kitchen and laundry products hit a 20 percent lower circuit after its promoter plans to cut down its ownership by 61 percent in the company.
Price action
With a market capitalization of 20,015 Crores on Thursday, the shares of Whirlpool of India Ltd hit a 20 percent lower circuit after making a low of Rs 1,260.80 compared to its previous closing price of Rs 1,575.95.
What Happened
Whirlpool of India Ltd specializes in manufacturing kitchen and laundry products have announced that its parent company Whirlpool Corporation intends to sell down its ownership interest in Whirlpool of India Ltd to approximately 20 percent by mid to late 2025.
Whirlpool Corporation currently holds 51 percent ownership in the company and expects to remain the largest shareholder following the compilation of the Anticipated sell down.
The company will remain a relevant part of Whirlpool’s portfolio and continue to have a strong long-term trajectory for growth. The anticipated sell-down to result in increased autonomy for the company to adjust the Industry conditions and focus on accelerated growth and utilizing its well-funded business to invest further in the business.
About the Company
Whirlpool Corporation is a global leader in home appliances and offers a wide range of innovative products, including refrigerators, washing machines, dishwashers, and cooking appliances. With a strong presence in North America, Europe, and Asia, Whirlpool operates under various brands like Whirlpool, KitchenAid, and Maytag.
Financials
The company’s revenue rose by 13.3 percent from Rs 1,555.45 crore to Rs 1,762.32 crore in Q2FY24-25. Meanwhile, Net profit rose from Rs 36.58 crore to Rs 52.02 crore during the same period.
Written by Sridhar J
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