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Wednesday, May 22, 2024

Rekha Jhunjhunwala Sells 5.5% of Rallis India, a Tata Group Company; Details


<p>Rallis India, a member of the Tata Group, saw a spike in trading on Wednesday when Rekha Jhunjhunwala sold a 5.5 percent stake for Rs 230 crore on the NSE. The transaction was carried out via a block trade on the stock market.</p>
<p>Through a large transaction on the NSE, the seasoned investor sold roughly 1.06 crore shares of Rallis India. Jhunjhunwala sold 9,96,091 shares at an average price of Rs. 220.35, and 97 lakh shares at an average price of Rs. 215.05 a share. According to information available with the exchanges, the shares were sold overall at an average price of Rs 215.54 a share.<img decoding=”async” class=”alignnone wp-image-84707″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-rekha-jhunjhunwala-sells-5-5-of-rallis-india-a-tata-group-company-details-rekha-jhunjhunwala.jpg” alt=”” width=”1472″ height=”814″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-rekha-jhunjhunwala-sells-5-5-of-rallis-india-a-tata-group-company-details-rekha-jhunjhunwala.jpg 660w, https://www.theindiaprint.com/wp-content/uploads/2023/07/www.theindiaprint.com-rekha-jhunjhunwala-sells-5-5-of-rallis-india-a-tata-group-company-details-rekha-jhunjhunwala-150×83.jpg 150w” sizes=”(max-width: 1472px) 100vw, 1472px” /></p>
<p>At an average price of Rs 215.05 per share, promoter Tata Chemicals acquired 97 lakh shares, representing 4.99% of Rallis India’s paid-up share capital.</p>
<p>Rekha Jhunjhunwala still owns 43,75,000 shares, or 2.25 percent of Rallis India, according to the most recent holdings data.</p>
<p>This is to inform you that, as of today, Tuesday, July 18, 2023, at 8:45 a.m., the company has acquired 97,00,000 equity shares with a face value of Re 1 each from Rallis India Limited, a listed subsidiary of the company, for Rs 215.05 per equity share, or 4.99 percent of Rallis’ paid-up share capital.</p>
<p>Among the company’s public shareholders, mutual funds own 12.15 percent of the stock, while overseas portfolio investors may possess as much as 8 percent.</p>
<p>Rallis India, a Tata Chemicals subsidiary and a member of the $128 billion Tata Group, recently announced a slight decline in net profit of Rs 63 crore for the June quarter due to reduced income. In the same time last year, the company’s net profit was Rs 67 crore.</p>
<p>In April through June of current fiscal year, total revenue decreased to Rs 765 crore from Rs 867 crore during the same time last year.</p>
<p>Rallis India’s managing director and CEO, Sanjiv Lal, said that the delayed monsoon and excessive market stocks had a negative impact on the crop care industry. Better product mix and dynamic price actions essentially maintained margins. Once the inventory situation progressively improves, we continue to be concerned about the foreign market demand recovery over the second half of the year. The recent increase in monsoons has led to optimistic sentiments for the home market.</p>
<p>Despite the short-term difficulties, the CEO said that the company’s long-term strategy, which focuses on expanding production capabilities, product portfolios, and market reach, remains unaltered.</p>
<p>Tata Chemicals’ stock ended Tuesday’s trading session at Rs. 997.60, up 0.40 percent. Shares of Rallis India closed at Rs 220, up 2.3%.</p>
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