SBI MF trims stake in Emami

SBI Mutual Fund reduced its stake in Emami to 4.6% from 5.33% on 7 July 2020.

As per the disclosure on the stock exchanges, SBI Mutual Fund sold 33.07 lakh equity shares, or 0.7286% stake, in Emami on 7 July 2020. Following the transaction, SBI Mutual Fund's stake decreased to 4.5978% from 5.3264% earlier.

Emami made the disclosure after market hours on Wednesday, 8 July 2020.

Shares of Emami rose 0.94% to Rs 236.70 on BSE. The stock traded in the range of Rs 233.65 to Rs 240 so far.

On the technical front, the stock's RSI (relative strength index) stood at 66.320. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading in between its 50-day moving average (DMA) placed at Rs 202.28, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 264.04, would act as a resistance in the upcoming trade.

Emami's consolidated net profit slumped 59.4% to Rs 22.75 crore on 16.8% decline in net sales to Rs 532.68 crore in Q4 FY20 over Q4 FY19.

Emami is an FMCG company engaged in manufacturing & marketing of personal care & healthcare products. It is the flagship company of the diversified Emami Group.

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