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Mcleod Russel stock surges 15% in 3 days

IndusInd Bank on June 29 said it has sold more than 70 lakh shares, which it acquired through invocation of pledged shares, of tea manufacturing firm McLeod Russel. With this, the lender is not holding any shares of the tea company, the bank said in a regulatory filing.

June 30, 2021 / 01:09 PM IST
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Mcleod Russel (India) share price jumped over 4 percent intraday on June 30. The stock price has surged 15 percent in the last 3 days.

IndusInd Bank on June 29 said it has sold more than 70 lakh shares, which it acquired through invocation of pledged shares, of tea manufacturing firm McLeod Russel. With this, the lender is not holding any shares of the tea company, the bank said in a regulatory filing.

Mcleod Russel was trading at Rs 38.45, up Rs 1.60, or 4.34 percent. It has touched an intraday high of Rs 38.65 and an intraday low of Rs 36.25.

The private sector lender on June 24 had acquired 70,67,500 equity shares of the Kolkata-based tea firm pursuant to invocation of pledged shares of the company. The bank on June 28, 2021 sold 70,67,500 equity shares of McLeod, IndusInd Bank said.

"The bank as on date does not hold any equity shares of McLeod," the bank said. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments is one of the promoters of McLeod Russel.

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Share price of IndusInd Bank was trading at Rs 1,024.40, up Rs 7.15, or 0.70 percent. It has touched an intraday high of Rs 1,027.40 and an intraday low of Rs 1,012.05.

The tea grower is facing a National Company Law Tribunal (NCLT) judgement on its bankruptcy proceedings after a financial creditor moved an application against the company claiming it has defaulted on dues owed to it, according to an Economic Times report.

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Mcleod Russel India reported a net loss of Rs 114.87 crore in the quarter ended March 2021 as against a net loss of Rs 70.64 crore during the previous quarter ended March 2020.

However, the sales of the company increased 38.88 percent to Rs 298.63 crore in the quarter ended March 2021 as against Rs 215.02 crore during the previous quarter ended March 2020.

Also Read: IndusInd Bank sells over 70 lakh shares of McLeod Russel

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.



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Moneycontrol News
first published: Jun 30, 2021 01:09 pm
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