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Chennai-based SICGIL India Ltd, along with persons acting in concert (PACs), has again increased its stake in IFB Agro Industries Ltd. SICGIL, a liquid carbon dioxide and dry ice maker, currently holds 15.02 per cent in Kolkata-headquartered IFB Agro, up from 13.80 per cent in the July-September quarter this year.
SICGIL, which does not have a board berth in IFB Agro, reported the stake increase to NSE on December 3.
According to the disclosures to the stock exchange, SICGIL has been buying and selling through market operations. In the April-June quarter last year SICGIL, which held 17.03 per centstake in IFB Agro, increased it to 17.74 per cent in the January-March quarter this year. However, the combined stake of SICGIL and the PACs had been declining since the first quarter (April-June) of 2013-14.
Meanwhile, the promoters have also been raising their holding in IFB Agro this year. The promoter group increased their stake to 63.58 per cent in July-September from 55.01 per cent as on December 31, 2012.
Conversion Incidentally, IFB Agro commenced commercial production at its Dankuni bottling unit early this month. According to the management, the company converted the Indian made foreign liquor (IMFL) bottling plant at Dankuni to an India made Indian liquor (country liquor) bottling plant. The plant had been awaiting State Government approval to commence production.
The rice grain-based country liquor bottling plant, on becoming fully operational, will provide volume growth for the company in the IMIL segment.
In the IMFL segment, the company, a regional player, faces stiff competition from large Indian as well as multinational companies. It is moving to improve sales by restructuring the distribution model and focusing on promotional activities. The company has discontinued IMFL bottling for third parties and is getting its own brands manufactured through the outsourcing route.
On Thursday, the shares of IFB Agro closed 0.61 per cent higher at Rs 164.90 on the BSE.
> jayanta.mallick@thehindu.co.in
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