Rallis India soars 7.7% as Franklin Templeton buys stake

BL Internet Desk | Updated on January 09, 2018 Published on November 28, 2017

Shares of Rallis India rallied as much as 7.7 per cent in Tuesday's trade as Franklin Templeton Mutual Fund had on Monday bought 17,81,405 shares or 0.9 per cent stake in Rallis India at Rs 230 on the BSE.

After opening strong at Rs 240 against the previous close of Rs 230.30, the scrip touched an intraday high of Rs 248 and a low of Rs 238.50. In terms of equity volume, 5.89 lakh shares exchanged hands on the BSE.

The stock ended higher by 5.99 per cent at Rs 244.10 on the BSE. On the NSE, the stock closed up by 4.67 per cent at Rs 241.10.

The company shares touched their 52-week high Rs 264.60 and 52-week low Rs 188.45 on 31 March, 2017 and 29 December, 2016, respectively.

Rallis India, a Tata Group company, had reported 74 per cent fall in June quarter consolidated net profit at ₹45 crore against ₹174 crore logged in the same period last year due to sharp rise in input cost and destocking by its dealers ahead of GST.

Revenue was down marginally at ₹463 crore (₹468 crore). The cost of raw material was up at ₹292 crore (₹200 crore). The company had registered an one-time income of ₹158 crore last June quarter from long term lease of its land at Turbhe in Navi Mumbai.

Rallis India, a member of Tata group, is engaged in the manufacturing and trading of pesticides, fertilisers and fine chemicals.

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Published on November 28, 2017
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