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Aditya Birla MF cuts Bayer Crop stake

1 min read 22 Jun 2023, 10:53 PM IST Mayur Bhalerao

Bayer CropScience reported a 3.79% increase in net profit at ₹158.5 crore during the March quarter 2023, as against ₹152.7 crore in the year-ago period.

Aditya Birla Sun Life Mutual Fund sold 914,262 shares in Bayer CropScience, reducing its total holding from 2.25 million shares to 1.34 million shares.

Mumbai: Aditya Birla Sun Life Mutual Fund, a part of the Aditya Birla Group, on Thursday said it has reduced its stake in Bayer CropScience Ltd, the flagship company of the Bayer Group, by 2%, according to an exchange filing.

The stake reduction brings Aditya Birla Sun Life Mutual Fund’s holding in the Bayer CropScience to 3%.

The 2% stake is estimated to be valued at ₹393 crore based on Tuesday’s closing price.

Aditya Birla Sun Life Mutual Fund sold 914,262 shares in Bayer CropScience, reducing its total holding from 2.25 million shares to 1.34 million shares.

Bayer CropScience’s market capitalization stood at ₹19,372 crore on Thursday. In the past year, the company has given a negative return of -11.5%, lower than the Nifty 50 index’s return of 22%.

Bayer CropScience reported a 3.79% increase in net profit at ₹158.5 crore during the March quarter 2023, as against ₹152.7 crore in the year-ago period. Total income rose to ₹982.5 crore during the quarter from ₹963.3 crore in the year-ago period.

Shares of Bayer CropScience ended slightly lower at ₹4,307.35 apiece on the NSE.

Meanwhile, Aditya Birla Sun Life Mutual Fund bought 7.29 million shares worth ₹211.5 core in Poonawalla Fincorp Ltd in April. The shares were sold at ₹290 a piece, according to the block deal data available with the NSE.