Shree Pushkar Chemicals freezes at 5% upper circuit as promoter ups stake

On September 7, Gautam Gopikishan Makharia bought 197,950 equity shares, representing 0.64 per cent of total equity, of Shree Pushkar Chemicals at price of Rs 104.18 per share on the NSE

Shares of Shree Pushkar Chemicals & Fertilisers were locked in the 5 per cent upper circuit at Rs 109.35 on the National Stock Exchange (NSE) on Tuesday, after promoter bought nearly 1 per cent stake in the company via open market on Monday.

On September 7, Gautam Gopikishan Makharia has bought 197,950 equity shares representing 0.64 per cent of total equity of Shree Pushkar Chemicals & Fertilisers at price of Rs 104.18 per share on the NSE via bulk deal, exchange data show. The names of the sellers, however, could not be ascertained immediately.

As of June 30, 2020, the promoters held 65.28 per cent stake in specialty chemicals company.

In the past two weeks, the stock has underperformed the market by falling 17 per cent, as compared to 0.20 per cent decline in the Nifty 50 index till Friday. Till 13:18 pm, a combined 8,579 equity shares changed hands and there were pending buy orders for 15,643 shares on the NSE and BSE.

For April-June quarter (Q1FY21), Shree Pushkar Chemicals & Fertilisers reported a sharp 84 per cent decline in its consolidated net profit and 31 per cent fall in revenue.

The company said the revenue and profitability were impacted by the Covid-19 pandemic. The manufacturing facilities for dyes and dye intermediates were operational only for a period of 20 days during the quarter. The fertilizer production was operational for a period of 1.5 month during the quarter. The flight of migratory laborers and supply chain restrictions across India hampered the movement of raw material and finished goods, it said.