 "Rallis India")
Shares of Rallis India trade flat at Rs 221 on the National Stock Exchange (NSE) on Wednesday at 10:14 AM; after Rekha Rakesh Jhuhunwala on Tuesday sold more than 5 per cent of her holdings in the company via open market. The stock of Tata Group’s pesticides & agrochemicals had hit a high of Rs 225 in intra-day trade.
On July 18, Rekha Rakesh Jhujhunwala sold 10.69 million shares representing 5.5 per cent total equity of Rallis India for Rs 230.54 via bulk deals on the NSE. She offloaded 9.7 million shares at price of Rs 215.05 per share and 996,091 shares at Rs 220.35 per share, the exchange data shows.
As of June 30, 2023, Rekha Jhujhunwala held 7.75 per cent stake in Rallis India, the shareholding pattern data shows.
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While, Ratnabali Investment Private Limited bought 1 million shares of Rallis India at price of Rs 223.29 per share, the bulk deal data shows.
Meanwhile, thus far in the calendar year 2023, Rallis India has underperformed the market by falling 9 per cent, due to poor earnings. In comparison, the S&P BSE Sensex has rallied 10 per cent during the same period.
The company’s management said Crop Care Business has been affected by high market inventories, steep price drops and delayed onset of monsoon. Although revenues for June quarter (Q1FY24) were lower at Rs 782 crore against Rs 863 crore of Q1 FY23, margins were largely maintained through better product mix and dynamic pricing actions.
The management remains cautious about the international market demand recovery during the second half of the year once the inventory situation gradually eases out. Sentiments for the domestic market are positive with the recent uptick in monsoons. Notwithstanding the near-term challenges, the company's long-term strategy remains unchanged, focused on increasing manufacturing capacities, product portfolio expansion and widening market reach, the management said, while announcing Q1 results on Saturday, July 15.
