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EID Parry shares jump over 9% after it sells 2.2% stake in Coromandel

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The share price of EID Parry jumped 9 percent to its 52-week high after the firm sold 2.26 percent equity in Coromandel International through block deals.

EID Parry shares jump over 9% after it sells 2.2% stake in Coromandel
The share price of EID Parry jumped 9 percent to its 52-week high after the firm sold 2.26 percent equity in Coromandel International through block deals. Meanwhile, shares of Coromandel lost over 6 percent.
Around 66.9 lakh equity shares changed hands via block deal on the BSE, the exchange data shows.
EID Parry's share price rose as much as 9.6 percent to its 52-week high of Rs 365.75 per share on the BSE while that of Coromandel fell as much as 6.6 percent to its day's low of Rs 794.70 per share.
Earlier this year as well, EID Parry had sold 58.5 lakh shares held in the Coromandel through open market at a price of Rs 629.91 per share. It had said the proceeds of sale will be used to bring down the debt of the company. EID Parry has reduced its debt from Rs 5,125 crore on March 31, 2019 to Rs 1,334 crore as on September 30, 2020.
For the September quarter, Coromandel International on Monday posted a 16.69 percent increase in its consolidated net profit to Rs 588.93 crore on lower expenses. Its net profit stood at Rs 503.90 crore in the same quarter of the previous fiscal, according to a regulatory filing.
Meanwhile, EID Parry reported higher profit at Rs 317.8 crore in Q2 FY21 against Rs 181.6 crore. It reported revenue at Rs 5,836.2 crore, up from Rs 5,675 crore YoY.
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