Rossari Biotech gains after SBI MF hikes stake

Rossari Biotech rose 1.91% to Rs 794 after SBI Mutual Fund purchased another 0.45% stake in the company.

SBI Mutual Fund added 2.34 lakh shares or 0.45% stake of Rossari Biotech via open market on 25 August 2020. Following the acquisition, SBI Mutual Fund's stake in the company increased to 5.25% from 4.80% earlier.

Rossari Biotech listed on bourses on 23 July 2020. It debuted at Rs 670, a premium of 57.65% to the initial public offer (IPO) price of Rs 425 per share.

The company reported a 9.4% increase in consolidated net profit to Rs 15.49 crore in Q1 June 2020 as against Rs 14.16 crore in Q1 June 2019. Consolidated net sales stood at Rs 109.47 crore in Q1 June 2020, recording a 14.3% drop from Rs 127.81 crore in Q1 June 2019.

Rossari Biotech is a specialty chemicals manufacturing company. Its business is organized in three main product categories: home, personal care and performance chemicals; textile specialty chemicals; and animal health and nutrition products. It operates in India as well as in 17 foreign countries including Vietnam, Bangladesh and Mauritius.

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