Norges Bank sells partial stake in Archean Chemicals through open market transactions

Norway-based Norges Bank has sold partial stake in Archean Chemicals through open market transactions on Tuesday. According to bulk deals data available with the exchanges, Norges Bank on account of Government Pension Fund Global has offloaded about 9.5 lakh shares or 0.77% stake in the company.

The transaction was done at a price of Rs 510.87 per unit and through the stake sale, Norges Bank bagged Rs 48.5 crore. As of March quarter, Norges Bank held 1% stake in Archean Chemicals. Meanwhile, Societe Generale has bought 6.42 lakh shares or 0.52% stake in the company, bulk deals data revealed.

Archean Chemicals is a majority promoter-owned company with 53.60% stake in the company, while public shareholders hold the remaining 46.40% stake. Among the public shareholders, mutual funds have about 15.03% stake and foreign investors own 5.41% in the company.


Archean Chemical Industries is a leading specialty chemicals manufacturing company with a wide presence in the global markets. It is the first of a kind integrated plant in India to produce industrial salt, Bromine and Sulfate of Potash.

In the March quarter, the company reported net profit of Rs 382 crore, up marginally from Rs 372 crore, while net profit during the same period stood at Rs 136.8 crore. On Tuesday, shares of Archean Chemical closed 3.85% lower at Rs 533.95. So far this year, the stock has seen muted performance with just 1.66% returns.

According to Trendlyne data, Archean Chemical has an average target price of Rs 750 and the consensus estimate represents an upside of 41.24% from the current levels.