Morgan Stanley sells 8.5 lakh Jyothy Lab shares for Rs 17 crore

MUMBAI: Foreign fund house Morgan Stanley Asia (Singapore) Pte, a shareholder of Jyothy Laboratories, today offloaded 8.5 lakh shares of the FMCG firm for Rs 17 crore through an open market deal.

A total of 8,48,925 shares of Jyothy Laboratories were sold by Morgan Stanley at an average price of Rs 201 apiece, as per the bulk deal information with the stock exchanges.

The aggregate value of the transaction amounted to little over Rs 17 crore.

As on March quarter, Morgan Stanley held 30.88 lakh shares of Jyothy Laboratories representing 1.92 per cent stake in the company.

Jyothy Laboratories had reported net profit of Rs 11.81 crore for the quarter ended March 31, 2013. In the same quarter, the company had generated revenue of Rs 172.34 crore from its soap and detergent business.

Shares of Jyothy Laboratories today gained 4.97 per cent to end the day at Rs 198.70, on the BSE.