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Godrej Agrovet shares spike 12% to hit 52-week high as promoter increases stake

According to BSE bulk deals data, promoter Godrej Industries acquired 9,76,047 equity shares in the company at Rs 570 per share.

June 23, 2021 / 01:03 PM IST
 
 
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Godrej Agrovet share price surged over 12 percent intraday on June 23 after promoter Godrej Industries increased stake.

According to BSE bulk deals data, promoter Godrej Industries acquired 9,76,047 equity shares in the company at Rs 570 per share.

Promoter Group, Godrej Industries, bought nearly 10 lakh shares of the company via open market purchases.

The stock was trading at Rs 647.60, up Rs 71.20, or 12.35 percent. It has touched a 52-week high of Rs 661.05. It has touched an intraday high of Rs 661.05 and an intraday low of Rs 581.15. The scrip was also one of the top smallcap gainers.

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Godrej Industries purchased 976,047 shares, representing 0.51 percent of the total equity of Godrej Agrovet, worth Rs 55.63 crore. The promoter bought these shares at a price of Rs 570 per share via a bulk deal on the BSE, exchange data shows.

On the other hand, investor Balram Singh Yadav sold 1.0 million shares at Rs 570.01 per share.

Rating agency Crisil earlier reaffirmed its 'CRISIL A1+' rating on the commercial paper of Godrej Agrovet Limited on Rs 1000 crore (enhanced from Rs 600 crore).

"The rating factors in the strong financial risk profile supported by healthy debt protection metrics, low gearing levels and healthy return indicators. The rating further factors in the financial flexibility enjoyed by GAL from its strong parentage as part of the Godrej group," it added.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jun 23, 2021 01:03 pm

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