Mangalore Chemicals: SBI sells Rs 3.9 cr worth of shares
Top lender State Bank of India sold 7,07,729 equity shares (worth of Rs 3.89 crore) of Mangalore Chemicals and Fertilisers at Rs 55.02 apiece. In last three sessions, the stock dropped more than 13 percent after rising 56 percent in previous seven sessions.
July 06, 2013 / 14:13 IST
Moneycontrol Bureau
Mangalore Chemicals and Fertilisers fell for the third consecutive session Friday, losing 1.5 percent to close at Rs 54.10 as top lender State Bank of India (SBI) sold 7,07,729 equity shares (worth of Rs 3.89 crore) at Rs 55.02 apiece.In last three sessions, the stock dropped more than 13 percent after rising 56 percent in previous seven sessions. The reason may be the profit booking and multiple block deals on Wednesday.On July 3, Deepak Fertilisers through its subsidiary SCM Soilfert bought more than Rs 179 crore worth of equity shares of Vijay Mallya-led Mangalore Chemicals via block deal. SCM Soilfert purchased nearly 2.9 crore shares (24.46 percent of total equity) at Rs 61.75 apiece.Prominent sellers were DSP Blackrock (28.8 lakh shares or 2.4 percent stake at Rs 63/share), Sundaram BNP Paribas MF (30 lakh shares at Rs 63/share), Indian Syntans (40 lakh shares at Rs 63/share) and Robust Marketing (54 lakh shares at Rs 56.25/share).On April 2, Zuari Fertilisers and Chemicals bought 1,15,26,465 shares or 9.7 percent stake in Mangalore Chemicals at Rs 38.40 apiece.Promoter (including United Breweries Holdings) holds 22 percent stake in the company as of March 2013. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
