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Saturday, February 24, 2024

ICICI Pru Mutual Fund: ICICI Pru MF picks up 4.6% stake in Sagar Cements in bulk deal

Home PGIM India Mutual Fund has bought its stake in Sagar Cement, whereas ICICI Pru Mutual Fund purchased its shares via a block deal on Tuesday.

In keeping with the bulk deal knowledge accessible with the exchanges, PGIM India MF has bought about 60.3 lakh shares or 4.6% stake within the firm, whereas ICICI Pru MF has lapped up the identical variety of items in open market transactions. The deal was executed at a weighted common value of Rs 183.10.

As of December quarter, PGIM India MF has held a 4.8% stake within the firm.

On Tuesday, Sagar Cements shares closed 8.35% larger at Rs 200.40 on the NSE. Thus far this yr, the inventory has misplaced 13.90% and fell 21% within the final one yr interval.

Sagar Cements is one among India’s main cement producers with an put in manufacturing capability of 8.25 MTPA. By 2025, the corporate goals to realize a complete capability of 10 MTPA.

The smallcap firm, with a market capitalisation of Rs 2,617 crore, is majority owned by public shareholders with 54.80% stake, whereas the remaining 45.20% lies with the promoters and promoters group.

Among the many public shareholders, mutual funds have 8.41% stake within the firm, whereas international portfolio traders (FPIs) personal 2.71%, in response to the shareholding sample.For the December quarter, Sagar Cements reported a lack of Rs 27 crore as towards a revenue of Rs 9.7 crore within the year-ago interval.

Income from operations elevated 73% year-on-year and quantity rose 67%. The corporate’s vegetation operated round 60% in the course of the present quarter.

The corporate reported working EBITDA of Rs 47 crore within the December quarter as towards Rs 46 crore throughout the identical interval final yr. In the meantime, the corporate clocked an working EBITDA of Rs 384 per ton in the course of the mentioned interval.

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