Ruchi Soya Industries rose 3.44% to Rs 40.60 at 14:32 IST on BSE after the company said it sold its entire stake in its subsidiary, Gemini Edibles and Fats India, to Golden Agri International India Holding for about Rs 109.92 crore.
The announcement was made during trading hours today, 12 November 2014.
Meanwhile, the BSE Sensex was up 64.40 points, or 0.23%, to 27,974.46.
On BSE, so far 3.47 lakh shares were traded in the counter, compared with an average volume of 1.83 lakh shares in the past one quarter.
The stock hit a high of Rs 42.45 and a low of Rs 40.50 so far during the day. The stock hit a 52-week high of Rs 51.20 on 18 June 2014. The stock hit a 52-week low of Rs 26.80 on 27 March 2014.
The stock had outperformed the market over the past one month till 11 November 2014, rising 8.58% compared with 6.13% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 1.01% as against Sensex's 9.37% rise.
The small-cap company has an equity capital of Rs 66.81 crore. Face value per share is Rs 2.
Ruchi Soya Industries has sold its entire 50.001% investment of 37.50 lakh fully paid equity shares in its subsidiary company, Gemini Edibles and Fats India, to Singapore-based Golden Agri International India Holding for a consideration of $17.88 million (equivalent to Rs 109.92 crore). The transaction is neither a slump sale nor a related party transaction.
Gemini Edibles and Fats India contributed Rs 1507.52 crore, or 5.23% of Ruchi Soya Industries' revenue in the financial year ended March 2014.
Net profit of Ruchi Soya Industries declined 94.16% to Rs 0.18 crore on 16.69% rise in net sales to Rs 5646.80 crore in Q1 June 2014 over Q1 June 2013.
Ruchi Soya is one of India's leading cooking oil and soy food maker and marketer. An Integrated player from harvest to home, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of animal feed, lecithin and other specialty ingredients from India. Ruchi Soya is also committed to renewable energy and exploring suitable opportunities in the sector.
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