Share price of FMCG company Dabur India opened lower on December 20 after 16.5 million shares, amounting to 0.9 percent equity, changed hands in five bunches. While the buyers and sellers were not known immediately, it was earlier reported that promoters of the company were looking to sell a marginal stake.
Follow our live blog for all the market action
At 9:30 am, the stock was quoting at Rs 571.05 apiece on the National Stock Exchange, down by 3 percent. At the same time, trading volumes stood at 3.99 million shares, higher than 20-day average volume of 2.68 million.
While the stock has gained 14 percent in the last six months, it is down over 1.5 percent for 2022.
As per reports, Dabur's promoters were considering to sell the stake at up to four percent discount as against the market price on December 19, with Goldman Sachs as the broker for the deal.
Burman family, the promoter and promoter group of the company, cumulatively held a 67.24 percent stake in the company as of September end. With today's sale, their shareholding will now come down to 66.3 percent.
Analysts are largely positive on the stock with 33 buy calls, 11 hold calls and 1 sell call. Bloomberg consensus 12-month target price is Rs 632.
In Q2, the homegrown FMCG major reported a 2.85 percent year-on-year decline in its consolidated net profit to Rs 490.86 crore while its revenue from operations rose 6 percent to Rs 2,986.49 crore.
Despite the fall in net profit, analysts gave a thumbs up to the numbers as the company announced market share gains across 95 percent of its product portfolio and acquisition of Badshah Masala.
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!
