GMM Pfaudler tumbles on large volumes

GMM Pfaudler slumped 14.14% to Rs 1657.70 amid heavy volumes.

On the BSE, over 17.94 lakh shares of the company were traded in counter as against an average trading volume of 0.13 lakh shares in the past three months. The scrip had tumbled 18.42% to hit the day's low at Rs 1,575 in trade today.

On the NSE, over 110.15 lakh shares of the company changed hands at the counter as against an average trading volume of 1.10 lakh shares in the past three months.

As per media reports, Pfaudler Inc, a promoter of listed company GMM Pfaudler Ltd, was to sell a majority of its stake in the company in a block deal that will fetch the shareholder Rs2,278 crore.

The reports further added that the sale comprised of 1.34 crore shares of the company, representing 29.88% stake in the company at a floor price of Rs 1,700 apiece, which is a 11.95% discount to the company's closing price of Rs 1930.7 recorded on the BSE on Thursday.

As of 30 September 2022, Pfaudler Inc held 1.43 crore shares of 31.88% stake in the company.

GMM Pfaudler's principal activity is the manufacture of corrosion-resistant glass lined equipment used primarily in the chemical, pharmaceutical and allied industries. The company also manufactures flouro-polymer products and other chemical process equipment such as agitated nutsche filters, filter driers, wiped film evaporators and mixing systems.

The company's consolidated net profit jumped 87.8% to Rs 64.98 crore on 20.5% rise in net sales to Rs 780.05 crore in Q2 FY23 over Q2 FY22.

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