JBF Industries slips as HDFC MF sells 2.65% stake

JBF Industries fell 2.06% to Rs 71.30 at 15:04 IST on BSE after HDFC mutual fund sold 17.30 lakh shares of the company in a block deal on BSE on Wednesday, 5 March 2014.

Meanwhile, the BSE Sensex was up 226.68 points, or 1.07%, to 21,503.54.

On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 40,438 shares in the past one quarter.

The stock hit a high of Rs 74.25 and a low of Rs 70.80 so far during the day. The stock hit a 52-week high of Rs 115.20 on 8 May 2013. The stock hit a 52-week low of Rs 65 on 3 March 2014.

The stock had underperformed the market over the past one month till 5 March 2014, rising 0.21% compared with the Sensex's 5.01% rise. The scrip had also underperformed the market in past one quarter, falling 9% as against Sensex's 1.52% rise.

The small-cap company has an equity capital of Rs 65.31 crore. Face value per share is Rs 10.

On Wednesday, 5 March 2014, HDFC mutual fund sold 17.30 lakh shares, or 2.65% equity, of JBF Industries at Rs 69.50 per share on BSE.

Shares were acquired by two individual investors. Ajit Baswant Patnekar bought 8.53 lakh of JBF Industries at Rs 69.50 each, while Rajesh Devraj Mehra bought 8.65 lakh of the company at Rs 69.50 each.

As on 31 December 2013, HDFC Growth Fund held 19.66 lakh shares, or 3.01% equity, of JBF Industries.

On a consolidated basis, JBF Industries' net profit declined 88.4% to Rs 3.47 crore on 22.5% growth in net sales to Rs 2132.01 crore in Q3 December 2013 over Q3 December 2012.

JBF Industries produces polyester chips for textiles, films and bottles, and polyester partially oriented yarns.

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