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Patanjali Foods drops 4% after large block deal; promoter grp likely seller: Patanjali Foods share price
Source: Business Standard
Patanjali Foods block deal today: Patanjali Foods share price today fell 4.2 per cent to Rs 1,850 on the National Stock Exchange (NSE) after a large block deal.
Till 9:57 AM, around 12.2 million shares had changed hands on the NSE, while 0.78 million shares had changed hands on the BSE. Together, 13.05 million shares had changed hands on the counter. On the BSE, the block deal in 0.70 million shares took place at a price of Rs 1,880 per share.
While Business Standard could not immediately ascertain the buyers and sellers in the Patanjali Foods block deal, reports said Promoter entities Patanjali Ayurved, and Patanjali Parivahan were looking to sell up to 11 million shares in the company.
At the end of the June quarter, Patanjali Ayurved held a 32.37 per cent (117.16 million shares) stake in the company. Patanjali Parivahan, on the other hand, held 13.81 per cent (50 million shares) stake in the company, shareholding pattern shows. Overall, promoter groups held 72.8 per cent stake in Patanjali Foods at the end of Q1FY25.
Patanjali Foods Ltd. (formerly known as Ruchi Soya Industries Limited) was acquired by a consortium led by Patanjali Ayurved Limited pursuant to a resolution plan was approved by the National Company Law Tribunal, Mumbai Bench, in 2019. The company’s name was changed from Ruchi Soya Industries Ltd to Patanjali Foods Ltd in 2022.
Earlier, in July, Patanjali Ayurved decided to sell its home and personal care business to Patanjali Foods for Rs 1,100 crore.
Meanwhile, Patanjali Foods has been fined Rs 75,000 by the Legal Metrology Department, Noorullah Road, Allahabad, for violation of rules under section 18(1) of Legal Metrology Act, 2009 and rule 36 (1) of Legal Metrology (Packaged Commodity) Rules, 2011.
“There is no material impact on financial or operational activities, except to the extent of fine amount of Rs 75,000 imposed,” it said in its stock exchange filing.
Patanjali Foods Q1 performance
During the April-June quarter (Q1) of the current financial year (FY25), Patanjali Foods clocked a 200-per cent surge in net profit to Rs 262.9 crore from a net profit of Rs 87.8 crore in the year-ago period. Its net sales, however, fell 7.6 per cent to Rs 7,173 crore during the quarter under review.
The profitability was driven by reduced volatility in edible oil prices along with stable performance in the food and FMCG portfolio, the company had said in its statement.
Patanjali Foods has a market capitalisation of Rs 67,291 crore. The stock hit a 52-week high, also its record high, of Rs 2,030 on September 4, 2024, and a 52-week low of Rs 1,170 on June 4, 2024.
First Published: Sep 13 2024 | 10:33 AM IST
