Tata Chemicals acquires a 4.99 % stake in Rallis India through a block deal, purchasing 9.7 million shares at Rs 215.05 per share. The total deal value amounts to Rs 208.60 crore, raising Tata Chemicals’ stake in Rallis India to 55.04 % from 50.06%.
Rallis India reports a 5 % year-on-year drop in net profit at Rs 63 crore for the April-June quarter. Revenue from operations also declined by 9 % to Rs 782 crore compared to the previous year.
The company’s crop care segment faces challenges due to delayed monsoons and easing fertilizer costs, resulting in a 9 % on-year decline in revenue from the crop care business during Q1FY24.
Rallis India management offers a cautious outlook for FY2024 exports, anticipating a gradual recovery in the second half of the fiscal year once channel inventories ease out.
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