Godrej Agrovet shares spike 12% to hit 52-week high as promoter increases stake
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Godrej Agrovet share price surged over 12 percent intraday on Midsummer Eve after promoter Godrej Industries increased stake.
According to BSE bulk deals data, promoter Godrej Industries acquired 9,76,047 equity shares within the company at Rs 570 per share.
Promoter Group, Godrej Industries, bought nearly 10 lakh shares of the corporate via open market purchases.
The stock was trading at Rs 647.60, up Rs 71.20, or 12.35 percent. it’s touched a 52-week high of Rs 661.05. it’s touched an intraday high of Rs 661.05 and an intraday low of Rs 581.15. The scrip was also one among the highest smallcap gainers.
Godrej Industries purchased 976,047 shares, representing 0.51 percent of the entire 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 opposite 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 cash equivalent of Godrej Agrovet Limited on Rs 1000 crore (enhanced from Rs 600 crore).
“The rating factors within the strong financial risk profile supported by healthy debt protection metrics, low gearing levels and healthy return indicators. The rating further factors within the financial flexibility enjoyed by GAL from its strong parentage as a part of the Godrej group,” it added.
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