Data available with BSE shows that Jhunjhunwala held as much as 1,93,05,820 shares in Rallis at the end of March 2020 against 1,90,30,820 shares held at the end of December 2019.
Ace investor Rakesh Jhunjhunwala added 2.75 lakh shares in agrochemicals firm Rallis India during the March quarter of FY20.
His stake in Rallis India rose from 9.79 percent in the December quarter to 9.93 percent in the March quarter.
Data available with BSE shows that Jhunjhunwala held as much as 1,93,05,820 shares in Rallis at the end of March 2020 against 1,90,30,820 shares held at the end of December 2019.
During the March quarter, the stock climbed 4 percent on BSE against an almost 29 percent fall in the benchmark Sensex.
Market experts and analysts are hoping that agro sector stocks may do well in the near term as this is one of the very few sectors that have little impact of COVID-19.
“Agro related industry is looking attractive during the current scenario and Rallis India is the best pick from this sector. We are recommending a buy in a staggered manner for medium to long term,” Sumit Bilgaiyan, Founder of Equity99 said in an interview to Moneycontrol.
Rallis is known for its deep understanding of Indian agriculture, sustained contact with farmers, quality agrochemicals, branding & marketing expertise along with its strong product portfolio.
Rallis is also known for its manufacturing capabilities and ability to develop new processes and formulations, hence it is considered as a preferred partner for contract manufacturing by leading global corporations.
Shares of Rallis traded 2.62 percent up at Rs 219.30 on BSE around 13:10 hours IST.
Source: Moneycontrol
Link:https://www.moneycontrol.com/news/business/markets/rakesh-jhunjhunwala-increases-stake-in-rallis-india-in-q4fy20-5218641.html