Rakesh Jhunjhunwala hike stake in Rallis India


Published On: Monday, May 4, 2020 | By:

Rakesh Jhunjhunwala hike stake in Rallis India

Ace investor Rakesh Jhunjhunwala acquired an additional 275,000 shares of agrochemicals firm Rallis India during the March quarter of FY20.His stake in Rallis India rose from 9.79 per cent in the December quarter to 9.93 per cent in the March quarter, taking his stake in the company to almost 10 per cent mark. Jhunjhunwala held as much as 1,93,05,820 shares in Rallis at the end of March 2020 against 1,90,30,820 shares held at the end of December 2019. In the October-December quarter (Q3FY20), Rallis India had reported a strong 146 per cent year on year (YoY) jump in consolidated profit before tax (before exceptional items) at Rs 48 crore, against Rs 20 crore in previous year quarter. Consolidated revenues during the quarter jumped 28 per cent at Rs 534 crore on a YoY basis. Rallis India's stock was up 4 per cent at Rs 223 on the BSE on Monday in an otherwise weak market ahead of the announcement of its financial results for Q4FY20 on Tuesday.

Market experts and analysts are hoping that agro sector stocks may do well in the near term as this is one of the very few sectors that have little impact of COVID-19.

Tags: Rallis

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