BASF India hits 52-week high after Plutus Wealth Mgmt buys 3.15 lakh shares
Shares of BASF India rallied as much as 15.6 per cent to hit a 52-week high of Rs 1,870 apiece on the BSE on Monday after Plutus Wealth Management bought 3,15,000 shares of the company at an average price of Rs 1,584.46, NSE data showed.
At 12:39 PM, the stock was ruling at 1,739.95 up 7.6 per cent on the BSE as compared to 0.9 per cent rise in the benchmark S&P BSE Sensex.
Last week, BASF India announced that the company has acquired 100 per cent stake in BASF Performance Polyamides India from BASF Nederland B.V. and BASF SE for an aggregate consideration of Rs 302.90 crore.
For the quarter ended June 2020, BASF India reported widening of its net loss to Rs 29.15 crore due to higher expenses. The company had posted a net loss of Rs 8.2 crore in the same quarter of previous fiscal. Net revenue rose to Rs 1,769.7 crore in April-June quarter of the fiscal year 2020-21 from Rs 1,613.7 crore in the corresponding quarter a year ago. Expenses increased to Rs 1,809.4 crore in the quarter under review from Rs 1,601.6 crore in the year-ago period.
The company said its operations were impacted during the June quarter due to the lockdown and other emergency measures imposed by governments in view of the Covid-19 pandemic. The company had announced its June quarter results on August 6.
BASF India Limited is a leading transnational company in the Indian chemical industry. The company’s portfolio is organised into four segments: Chemicals Performance Products Functional Materials & Solutions and Agricultural Solutions.