Shares of Advanced Enzyme Technologies (AET) jumped 4 percent on Friday after a stake sold by a promoter entity was picked up by ICICI Mutual Fund. Advanced Enzyme Technologies shares were trading 4.47 percent up at Rs 282.50 at 11.35 am on the National Stock Exchange. The stock has gained 6.39 percent in the last one year. Advanced Vital Enzymes Private Limited, a promoter entity in AET, offloaded a 2.28-percent stake in the company on June 28, out of which, ICICI Mutual Fund bought a 0.89 percent stake on the same day.
Advanced Vital Enzymes sold 2,550,674 shares at Rs 270.08 apiece. ICICI Mutual Fund bought 1,000,000 shares at Rs 270 apiece. A major deal like this was seen in September 2022 when Nalanda India Equity Fund bought 2,911,630 shares in AET on the National Stock Exchange.
Stake sold by Advanced Vital Enzymes makes up around 4 percent of the promoter entity’s stake. The promoter group holds a 49.87 stake in the company.
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AET’s revenue increased 5 percent year-on-year to Rs 566 crore in FY23. The company’s net profit reduced 11 percent to Rs 105 crore year-on-year in the same period. The research firm’s EBITDA margins fell 666 basis points to 32.13 percent in FY23.
AET is a research driven company that manufactures enzymes and probiotics. It provides solutions to industries like healthcare, nutrition, brewing, and vegetable processing.
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