Chemicals Stock Jumps 14% Intraday As Promoter Plans 1% Stake Sale

Shares of chemicals sector company GOCL Corporation soared nearly 14% in trade today on BSE after the company informed via its BSE filing that promoter Hinduja Capital, Mauritius, seeks to reduce its stake by approximately 1% either through a bulk deal or a block deal. Current market price of GOCL Corporation shares on BSE is Rs 497.25 apiece with intraday rally of 11.50%. GOCL Corporation witnessed spurt in volume by more than 10.16 times today. GOCL Corporation shares declined over 9% in last 3-months and gained 45% in last 1-year. Check details below:

GOCL Corporation's Promoter Mulls Stake Sale: As per the BSE filing of the company issued on Feb 21, 2024, "We have been informed from Hinduja Capital Limited, Mauritius our Promoter, whose shareholding in the Company is considered as Foreign Direct Investment, about their plan to reduce the shareholding in the Company by about 1.00% viz. from the present 73.83% to about 72.83% by effecting the sale of the requisite number of shares in the open market through the Stock Exchange mechanism by way of bulk / block deal. This will enable the Company in obtaining the necessary licenses to take up and expand the business in the Defence sector."

GOCL Corporation Shares Performance & Return: The 52-week high price of GOCL Corporation shares on BSE is Rs 640.00 apiece and 52-week low price is Rs 278.25 apiece, respectively. The company has a market capitalisation of Rs 2488.55 crore. GOCL Corporation shares 19% in last 6-months, gained 85% in last 2-years, and offered rally of 111% in last 3-years.

GOCL Corporation Financials: The company announced its net profit for the quarter ended December 2023 at Rs 8.36 crore, down 30.41% as compared to Rs 12.01 crore in December 2022. The company's net sales declared at Rs 21.34 crore in December 2023, down 51.61% from Rs 44.10 crore in the corresponding quarter of last fiscal. EBITDA stood at Rs 12.41 crore for the quarter under review, down 35.23% from Rs 19.16 crore in declared in the similar quarter of last year. EPS declined to Rs. 1.69 in December 2023 from Rs 2.42 in December 2022.

About: GOCL began its journey as Indian Detonators Ltd. (IDL) in 1961, in Hyderabad. Listed on the Bombay Stock Exchange (BSE) since 1967, it was renamed a couple of times before it took on its current name in 2002. Presently, GOCL is a multi-division, multi-location company with successful businesses in real estate, land development, infrastructure contracts, commercial explosives (through its subsidiary IDL Explosives Ltd.), detonators, mining chemicals and accessories.

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