Aditya Birla Sun Life MF cuts stake in Bayer CropScience by 2%
Mumbai: Aditya Birla Sun Life Mutual Fund on Thursday said it had cut its shareholding in Bayer CropScience Limited, the flagship company of the Bayer Group, by 2%, according to an exchange filing. The 2% stake is estimated to be valued at ₹393 crore based on Tuesday’s closing price.
The stake reduction brings the fund house’s holding in Bayer CropScience to 3%. The Aditya Birla Group company sold 9.14 lakh shares, reducing its total holding in the firm to 13.4 lakh shares from 22.5 lakh shares.
Bayer CropScience’s market capitalization stood at ₹19,372 crore as on Thursday. In the past year, the company has given a negative return of 11.5%, lower than the Nifty 50 index’s return of 22%.
Bayer CropScience reported a 3.79% increase in net profit at ₹158.5 crore for the March quarter, as against ₹152.7 crore in the year-ago period. Its total income rose to ₹982.5 crore during the quarter from ₹963.3 crore in the year-ago period.
Shares of Bayer CropScience ended slightly lower at ₹4,307.35 apiece on the National Stock Exchange on Thursday.
Aditya Birla Sun Life Mutual Fund bought 72.94 lakh shares worth ₹211.5 core in Poonawalla Fincorp Ltd in April. The shares were sold at ₹290 apiece, according to the block deal data available with the NSE.
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Updated: 22 Jun 2023, 04:52 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.