Promoters increased stake in this company as shares declined 50% since listing

Promoters raise stake in this stock after it declined 50% since listing

Shares of Aarti Surfactants hit the upper circuit limit in early trade on Wednesday after the promoters lapped up shares from the open market on Tuesday. Promoters Chandrakant V Gogri and Jaya Chandrakant Gogri bought 1 lakh and 2 lakh shares in the company on August 4, bulk deals data available with the stock exchanges showed.


The scrip rose 5 per cent to Rs 258.15 in morning trade, even as BSE benchmark Sensex traded 0.91 per cent higher at 38,031. Among others, Alpha Leon Enterprises, Dhiren Kishore Shah, Haresh Kunvarji Chheda HUF and Mulrajchandulal Gala also bought shares on the counter from open market on Tuesday.

On the other hand, HDFC Mutual Fund offloaded more than 6 lakh shares in the company, while Smallcap World Fund sold 0.59 lakh and DSP Mutual Fund 0.77 lakh.

Aarti Surfactant, a demerged entity of Aarti Industries, has declined nearly 50 per cent since listing on bourses on July 14.

Shares of the company had last scaled their 52-week high of Rs 510 on July 14 and then came down to hit their 52-week low of Rs 222.50 on August 4, 2020.

For the year ended March 31, the company posted a standalone profit after tax of Rs 2.09 crore against a net loss of Rs 6.47 crore a year ago. Revenues from operations increased 23.28 per cent YoY to Rs 325.86 crore in FY20 from Rs 264.32 crore in FY19.

The company is yet to report financial results for June quarter.