Promoter of Torrent Pharmaceuticals Ltd. sold a 2.92% stake for Rs 3,086.4 crore through an open market transaction on Wednesday.
Torrent Investments Pvt. offloaded 99.4 lakh shares or a 2.92% in the company at Rs 3,104 apiece, according to the BSE bulk data. Torrent Investments held a 71.25% stake in the company as of September.
The term sheet viewed by Bloomberg on Tuesday mentioned that the shareholders offered the shares at a discount of 6%.
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Through another bulk deal, shareholders of Godavari Biorefineries sold 0.73% stake in the company for Rs 12.3 crore. Capri Global Capital sold 3.74 lakh shares or 0.73% at Rs 327.98 apiece.
Ace investor Madhusudan Kela's wife Madhuri Madhusudan Kela mopped up 5 lakh shares or 0.97% at Rs 335.66 apiece for Rs 16.78 crore.
Torrent Pharmaceuticals Q2 Performance
Torrent Pharma reported a consolidated net profit of Rs 453 crore, denoting a 17% rise for the July- September quarter of the current fiscal. This compares to Rs 386 crore net profit for the same quarter last year.
The company recorded a revenue of Rs 2,889 crore up 8.6% for the three months ended Sept. 30 as compared to Rs 2,660 crore for the for the year-ago period.
The Ahmedabad-based company's earnings before interest, tax, depreciation and aromatisation soared 14% to Rs 939 crore as against to Rs 825 crore for the same period last year. Its margin expanded to 32.5% as compared to 31% for the same quarter last year.
Shares of Torrent Pharma closed 2.42% lower at Rs 3,137.80 apiece on the National Stock Exchange, compared to a 0.51% decline in the benchmark Nifty 50. The stock has risen 62.55% in the last 12 months and 36.1% on a year-to-date basis.
Out of the 33 analysts tracking the company, 20 have a 'buy' rating on the stock, eight recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price target implies a potential upside of 13.6%.
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