National Fertilizers Ltd (NFL) shares declined by more than 2% on October 9 as LIC reduces its stake in the company through open market transactions. LIC’s regulatory filing reveals a decrease in its NFL shareholding from 4,55,02,381 to 3,56,02,539 equity shares, resulting in a lowered stake from 9.275% to 7.257% in NFL.
LIC conducted open market share sales between August 1 and October 6, with an average cost of Rs 70.58. As of June 30, 2023, NFL’s shareholding pattern indicated LIC holding 4,70,98,218 shares, constituting a 9.6% stake in the state-run fertilizer company.
NFL specializes in the production and marketing of neem-coated urea, bio-fertilizers (solid and liquid), and other related industrial products. The company is also involved in the trading of imported and domestic fertilizers.
As per data, In its June quarterly results, NFL reported a 21.74% year-on-year decline in revenues to Rs 5,051.23 crore and a loss of Rs 121.43 crore, down by 196.79% from the previous year. EBITDA also stands at a negative Rs 0.02 crore, down 100.01% year-on-year. Over the past six months, NFL shares have fallen by 9.41%.
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