Lux Industries falls 7% after over 4% equity changes hands via block deals

Shares of Lux Industries slipped 7 per cent to Rs 1,301 on the BSE on Monday after more than 4 per cent equity of the hosiery company changed hands via block deals.

Around 1.09 million equity shares, representing 4.31 per cent of total equity, of Lux Industries changed hands via two block deals on the BSE, the exchange data shows. The name of the buyers and sellers are not ascertained immediately.

Till 10:33 am, as many as 1.4 million shares or 5.5 per cent stake of the company changed hands on the BSE. On an average, sub 5,000 shares were traded daily on the BSE, data shows. 

As on September 2019, promoters Ashok Kumar Todi & others held 73.71 per cent stake in Lux Industries, the shareholding pattern data shows. Among the public shareholders, mutual funds held 2.63 per cent holding, individual shareholders held 10.50 per cent stake, while bodies corporate (9.84 per cent) and others held the remaining 13.16 per cent holding, the data shows.

In the past four months, Lux Industries has outperformed the market by surging 41 per cent, as compared to a 14 per cent rise in the S&P BSE Sensex till Friday.

For Q2FY20, Lux Industries reported a revenue growth of 27 per cent year on year (YoY) to Rs 350 crore with volume growth of 21 per cent, primarily led by the winter wear portfolio. EBITDA (earnings before interest, tax, depreciation and amortization) margin was also consistent at 15.1 per cent as strong cost controls were offset by higher manufacturing expenses. Net profit grew 95 per cent at Rs 40.6 crore on YoY basis.