Business
Ishan Dyes zooms 37% in two trading sessions as Shankar Sharma buys stake
Shares of specialty chemicals maker Ishan Dyes & Chemicals surged nearly 20 percent to a high of Rs 166 in intraday trade on Wednesday after ace investor Shankar Sharma bought a large stake in the company through the open market in the previous session . trade.
Shankar Sharma bought 700,000 shares of Ishan Dyes at an average price of Rs 121.71 per share, representing 4.4% of the share capital, according to BSE block trade data. Similarly, Standard Greases & Specialities bought 100,000 shares at Rs 123 each, the data showed.
After the block trade, the stock surged 37.5% in just two sessions. The stock is trading at an all-time high of Rs 160 as of 10:10 am on Wednesday, up 15.3 per cent at around 1.022 lakh shares on the BSE so far against a two-week daily average of 47.4 million shares. Meanwhile, the BSE Sensex rose 0.8% (480 points) to 58,289.
According to available data, promoter Piyushbhai Natvarlal Patel sold 2 million shares or a 12.5% stake in Ishan Dyes at an average price of Rs 123.83 per share. The company’s total promoter holdings stood at 58.5% as of the December quarter, including Piyushbhai’s 24.9% stake.
For the quarter ended December 2021, the company reported a 9.1% year-on-year increase in net profit to Rs 5.04 crore compared to Rs 4.62 crore in the same period last year. However, total revenue fell 35.9% year-on-year to Rs 15.86 crore from Rs 24.76 crore in the same period.
On February 3, 2022, the company informed BSE that its factory in Gujarat was fully operational and stabilized and the company expected to start producing good results.
Over the next few years, the company plans to invest around Rs 100 crore in new projects that will also support Atmanirbhar Bharat Abhiyan. The release added that the new projects will accelerate the growth of the company’s revenue and profitability over the next few years.
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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