Paradeep Phosphates stock falls after Goldman Sachs sells 74 lakh shares in bulk deal

Shares of Paradeep Phosphates Ltd slipped over 4% in early trade after Goldman Sachs India Equity Portfolio sold 74,74,568 equity shares in the company in a bulk deal. The shares sold amounted to a 0.91 percent of paid-up equity. The bulk deal was carried out at an average price of Rs 76.05 per share amounting to a transaction of Rs 56.84 crore.

Paradeep Phosphates stock fell 4.63% to Rs 78.38 against the previous close of Rs 82.20 on BSE.

Paradeep Phosphates stock has risen 38% in a year and 13% in 2024.

Total 9.05 lakh shares of the firm changed hands amounting to a turnover of Rs 7.29 crore. Market cap of the firm fell to Rs 6501 crore. The stock hit a 52-week low of Rs 48.35 on March 28, 2023 and a 52 week high of Rs 85.90 on February 8, 2024.

In terms of technicals, the relative strength index (RSI) of Paradeep Phosphates stock stands at 59.3, signaling it's trading neither in the overbought nor in the oversold zone. Paradeep Phosphates shares are trading higher than the 5 day , 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Goldman Sachs India bought shares of Paradeep Phosphates for the first time in May 2022. It purchased 41,32,211 equity shares in Paradeep Phosphates via open market transactions at an average price of Rs 45.95 per share. That amounted to an investment of Rs 18.98 crore.

Since then, Goldman Sachs India gradually raised and trimmed stake in the company.

The firm reported a 39.60% fall in profit for the quarter ended December 2023. Net profit slipped to Rs 108.9 crore in Q3 against a net profit of Rs 180.3 crore in December 2022 quarter. Paradeep Phosphates total revenue slipped 41% to Rs 2603.7 crore in Q3 against Rs 4404 crore in the corresponding period of the preceding fiscal.

Profit before tax fell 37 percent to Rs 153.5 crore in the third quarter of this fiscal over Rs 242.9 crore in the corresponding period of the previous fiscal. Earnings per share of Paradeep Phosphates fell to Rs 1.3 in Q3 of this fiscal against Rs 2.2 in the December 2022 quarter.

Also read: Stocks in focus: Jefferies cuts RIL, HDFC Bank weights, ups SBI, Axis Bank's in long-only portfolio. Here's why

Also read: Entero Healthcare Solutions IPO opens today; should you subscribe to the issue?