Ace equity investor Rakesh Jhunjhunwala sold his stake in tractor major Escorts during the March quarter, as per the latest shareholding data available on the BSE. Shares of the company traded almost flat at Rs 1,609 at around 11.15 am (IST). On the other hand, the benchmark BSE Sensex traded nearly 400 points down at 59,053 at around the same time.
Data available with the exchange showed that Jhunjhunwala’s name was not among the key shareholders of the company as of March 31, 2022. He held over a 5.22 per cent stake in the company as of December 31 last year. He had a 5.68 per cent stake, or 75 lakh shares, in Escorts on February 18, 2022.
Shares of the company have gained more than 150 per cent in the past two years. The scrip surged to Rs 1609.65 on April 8, 2022 from Rs 642.50 on the same day in 2000. Jhunjhunwala held over a 7 per cent stake in the company as of March 31, 2020.
In the financial year 2021-2022, Escorts sold 87,043 units in the domestic market, down 14.50 per cent, against 1,01,848 units a year ago. On the other hand, exports of the company increased 46.80 per cent year-on-year (YoY) to 7,185 units in FY22.
In an earlier report, Nirmal Bang Securities said, “Escorts sees FY24 to be a tad volatile year due to general elections and change in emission norms, but expects pre-buying to drive demand. The medium-term growth outlook stands at a CAGR of 4-6 per cent while over the longer term. The industry will grow at a CAGR of 7-9 per cent.”
Data available with Trendlyne.com showed that Big Bull has increased his stake in Canara Bank, while he kept his stake constant at 8.50 per cent in Bilcare. His stake in Wockhardt also fell below 1 per cent for the quarter ended March 31. Complete shareholding data is yet to be announced.
[“source=businesstoday”]