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Share price of Bhagiradha Chemicals and Industries were locked in the 20-per cent upper circuit, at Rs 223.25 apiece, on the BSE on Wednesday amid heavy volumes. By comparison, the benchmark BSE Sensex was up nearly 2,000 points at 2:08 PM.
At 10:11 AM, nearly 4.2 million shares changed hands on the BSE at Rs 188 per share, valuing the block deal at Rs 78.96 crore. Till the time of writing of this report, about 5.4 million shares had changed hands on the BSE and NSE combined.
The sellers and buyers of the deal could not be ascertained immediately.
Bhagiradha Chemicals & Industries is a public limited company based out of Hyderabad, dedicated to the manufacture of high quality pesticides. It has an annual capacity of 3,250 tonnes for manufacture of various technical grade insecticides, herbicides and fungicides. Liquid formulations as well as powder formulations are made using their technical grade pesticides conforming to international standards.
Bhagiradha Chemicals is a small-cap company, having a market capitalisation of Rs 2,323 crore. It operates under 'B' category stocks and follows T+1 settlement cycle.
Meanwhile, financially, Bhagiradha Chemicals posted a net profit of Rs 7.22 crore in the quarter ended March 2024, down 23.11 per cent, as against Rs 9.39 crore posted during the previous quarter ended March 2023. Its sales, too, declined 9.24 per cent year-on-year to Rs 111.25 crore in Q4FY24.
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For the entire fiscal year FY24, net profit declined 59.65 per cent to Rs 18.22 crore, while sales declined 18.81 per cent to Rs 407.65 crore.
The Board recommended a final dividend of 10 paise per equity share of face value of Re 1 each (i.e. 10 per cent) for the financial year ended March 31, 2024.
