Shares of Rallis India, a subsidiary of Tata Chemicals, have more than doubled investor wealth in over eight months. The stock, which is part of ace investor Rakesh Jhunjhunwala's portfolio, has rallied 132 per cent from its March lows of Rs 127.10 apiece to Rs 295.90 now. The stock touched a 52-week high of Rs 340 on August 26, 2020 and 52-week low on March 24, 2020.
As per the latest shareholding pattern available on the BSE, Jhunjhunwala held a total of 2 crore shares or 10.31 per cent stake in Rallis India at end of September quarter.
On Tuesday, shares of Rallis India opened marginally higher at Rs 295.90 against previous closing price of Rs 293.60 on the Bombay Stock Exchange (BSE). Paring early gains, the stock slipped into negative terrain to Rs 292 apiece, down 0.54 per cent. In contrast, the BSE Sensex was trading at 45,678, up 251 points or 0.55 per cent. The Tata Group stock has declined nearly 4 per cent in the last one week, while it gained 19 per cent over the last one month.
The mid cap company, operating in agro chemicals sector, has a market cap of Rs 5,663.91 crore as on December 08, 2020.
On the volume front, there was surge in volume as 0.40 lakh shares changed hands over the counter as against two-week average volume of 0.45 lakh shares.
On the National Stock Exchange (NSE), Rallis India shares were trading at Rs 291.30, down 0.72 per cent, against previous closing price of Rs 293.40. During the day's trade, the stock hit intraday high and low of Rs 295.95 and Rs 284.50, respectively, after opening flat at Rs 293.40.
For the July-September quarter, Rallis India reported a 2 per cent drop in consolidated profit after tax (after exceptional items) to Rs 83 crore as compared to Rs 85 crore in the corresponding period of 2019-20. The company's consolidated revenue fell 3 per cent during Q2 FY20 to Rs 725 crore, compared with Rs 749 crore in the year-ago period.
For the first half of the financial year, the company posted a 21 per cent growth in profit after tax (after exceptional items) at Rs 175 crore, compared with Rs 145 crore. It recorded a 1 per cent growth in its consolidated revenues during the first half of 2020-21 to Rs 1,388 crore, compared with Rs 1,372 crore.