1.8% of the Astral block deal takes place for Rs 885 crore

20 Dec 2023 , 12:05 PM

On December 20, a block trade involving about 1.76% of Astral shares changed hands for a total consideration of Rs 884.6 crore. As per a report on CNBC-TV18, the sellers are most likely the promoters.

46.8 lakh shares in total were sold for Rs 1,889.8 apiece. The previous session saw a 1.56% decline in the stock to Rs 1,911. The shares in the block deal were sold at a 1.1% discount to the closing price.

Astral’s shares were up 1.78% on the NSE at Rs 1,942.35 as of 12:04 p.m.

As of right now, the promoter owned 55.85% of Astral, according to the data. This is the first action of this kind since the divestment of a 2.4% stake in September 2019.

Astral’s sales for the July–September quarter increased 16.3% to Rs 1,363 crore, while its net profit nearly doubled year over year (YoY) to Rs 131.2 crore.

Despite a 90% increase in net profit and a 16% increase in revenue, the company’s results fell short of street estimates. The building material and equipment company’s EBITDA margin improvement to 16.1% did not inspire much confidence either.

An interim dividend of Rs 1.50 per share, with a face value of Rs 1, was declared by the firm for the 2023–2024 fiscal year.

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