Bajaj Consumer locked in upper circuit
Bajaj Resources Ltd, the promoter entity of Bajaj Consumer on Tuesday sold nearly 21.9 per cent of total shareholding. This stake sale represents around 36 per cent of overall promoter holdings. Consequently, the stock on Tuesday tanked nearly 10 per cent.
As on September 2019, the promoters’ stake was at 60 per cent, of which around nearly 63 per cent is pledged. This would help promoter group to reduce its debt. In the light of reducing debt, the investors’ lapped up the stock of Bajaj Consumer and in today’s trading session the stock has hit the upper circuit of 20 per cent at Rs. 234.65.
The company cancelled its conference call that was scheduled on Tuesday. Earlier, on 11th October 2019, the company reported its second quarter’s result of FY20. The standalone revenue for Q2FY20 increased by 2.7 per cent YoY to Rs. 217.1 crore. Also, EBITDA too improved marginally by 2.1 per cent YoY to Rs. 63.61. EBITDA margin for the period remained stable at 30.12 per cent.
The stock of Bajaj Consumer erstwhile Bajaj Corp opened at Rs. 221.25 as against previous close of Rs. 195.55, went up ~20 per cent to be locked in upper circuit.