Fast-moving consumer goods (FMCG) giant Dabur India said the Burman family sold one per cent of their shares through a block deal completed on Tuesday. The entities of Burman family which have offloaded shares were Gyan Enterprises and Chowdry Associates, Dabur stated in an exchange filing.
“The purpose of doing this transaction is to raise funds for financing some ventures in private hands of the Burman family,” it added.
Burmans are part of the majority shareholders of Dabur. As of September-end, the Burman family together held a 67.24 per cent stake in Dabur India.
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Shares of Dabur India settled 1.51 per cent lower at Rs 579.85 on BSE today over its previous close of Rs 588.75. The stock slipped 3.29 per cent to hit an intraday low of Rs 569.40.
A total of 1.97 crore shares changed hands today, amounting to a turnover of Rs 1,125.26 crore. The company’s market capitalisation or (m-cap) stood at Rs 1,02,735.70 crore.
At today’s closing level of Rs 579.85, Dabur India has declined 5 per cent compared to its one-year high of Rs 610.40, hit on December 7, 2022. That said, the scrip has gained 20.25 per cent from its 52-week low of Rs 482.20, hit on June 17 this year.
The stock has fallen 2.16 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has edged 0.16 per cent higher.
On the financial front, Dabur India reported a net profit of Rs 490.86 crore in the September quarter (Q2), 2.85 per cent lower than the same period a year ago. Revenues, however, surged 6 per cent year-on-year in Q2 FY23 to Rs 2,986.49 crore.
Meanwhile, Indian equity benchmarks finished lower today but recovered most of the losses in the final hour of a volatile session, helped by a rebound in information technology stocks. The 30-share BSE Sensex fell 104 points or 0.17 per cent to settle at 61,702, while the broader NSE Nifty moved 35 points or 0.19 per cent lower to close at 18,385.
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