Shares of Rallis India, a subsidiary of Tata Chemicals, rose as much as 5.19 per cent in intraday trade to Rs 300.50 on the Bombay Stock Exchange on Monday after ace-investor Rakesh Jhujhnwala raised his stake in the company by 0.38 per cent during June quarter. The stock has zoomed 136 per cent as against its 52-week low of Rs 127 touched on March 24, 2020.
Big Bull Jhunjhunwala purchased an additional 7.25 lakh equity shares to raise his stake to 10.31 per cent during the April-June period. He holds shares in the Tata Group company through his two accounts -- Rakesh Radheshyam Jhunjhunwala (7.64 per cent) and Rakesh Jhunjhunwala (2.67 per cent), the data of shareholding pattern on BSE showed. Jhunjhunwala held 1,93,05,820 shares (or 9.93 per cent stake) in the agrochemicals firm at the end of March 2020 against 1,90,30,820 shares at the end of December 2019.
Extending previous session rally, shares of Rallis India were trading 2.66 per cent higher at Rs 293.25 apiece on the BSE against previous closing price of Rs 285.65. The stock hit an intra-day high and low of Rs 300.50 and Rs 288.05, respectively. The stock was trading marginally lower than 52-week high of Rs 300.95 touched on June 17. On the volume front, as much as 0.82 lakh shares changed hands over the counter as compared to two-week average volume of 0.67 lakh shares.
On the National Stock Exchange (NSE), Rallis India shares were trading at Rs 292, up 2.24 per cent, after opening higher at Rs 290.80 against previous closing price of Rs 285.60.
Rallis India's board is slated to meet on July 22, 2020, to consider and approve the financial results of the Company for the quarter ended June 30, 2020 (Q1FY21).
In Q4 FY20, the Tata Group firm reported a decline of 49.62 per cent in consolidated net profit at Rs 0.68 crore against net profit of Rs 1.35 crore in the same period a year ago. Total income marginally increased to Rs 346.29 crore in Q4 against Rs 339.69 crore during the quarter ended March 31, 2019. Expenses rose to Rs 369.87 crore from Rs 345.05 crore earlier.
For the full financial the year ended March 31, 2020, the company reported a rise in its consolidated net profit at Rs 183.69 crore from Rs 154.78 crore at the end of 2018-19. The total income rose to Rs 2,286.15 crore during the period as against Rs 2,014.61 crore at the end of 2018-19 fiscal.
Rallis is one of the country's leading crop care companies with 2,300 distributors and more than 40,000 retail counters, covering more than 80 per cent of India's districts.