According to the bulk data deals on NSE, Plutus Wealth Management LLP bought 3 lakh equity shares of specialty chemicals maker Rossari Biotech at Rs 773.82 per share
Rossari Biotech share price jumped 4.8 per cent to trade at its highest since listing at Rs 857.80 apiece on BSE. The stock made a debut on BSE on July 23, at a listing price of Rs 670 apiece, which was 57 per cent higher from its issue price of Rs 425 per share. With today’s gain, Rossari Biotech share price has more than doubled, rising 101.82 per cent from its issue price. According to the bulk data deals on NSE, Plutus Wealth Management LLP bought 3 lakh equity shares of specialty chemicals maker Rossari Biotech at Rs 773.82 per share. The research and brokerage firm Motilal Oswal Financial Services has maintained a buy rating to the stock. The company has a well-diversified portfolio across home, personal care and performance chemicals, textile specialty chemicals and animal health and nutrition products. “It has strong potential given robust financial performance, lean balance sheet and doubling of capacity over next one year which will drive future growth,” the brokerage firm said.
With today’s gain, Rossari Biotech stock has rallied over 18 per cent in just two days. While it is 28 per cent up since listing. At 11 AM, Rossari Biotech shares were trading 1.35 per cent up at Rs 829.50 apiece, as compared to a 0.13 per cent gain in the benchmark S&P BSE Sensex. The total market capitalisation of the company stood at Rs 4,297.42 crore, at the time of writing. Rossari raised Rs 100 crore through pre-placement of shares with institutional investors in February this year. Further, it has raised Rs 50 crore through the issue of fresh equity in July 2020.
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In the April-June quarter, Rossari Biotech’s revenues from operations stood at Rs 109.5 crore as against Rs 127.8 crore in the corresponding quarter of the previous year. The company’s EBITDA came at Rs 23.7 crore as compared to Rs. 22.3 crore in the first quarter of FY20. While PAT stood at Rs15.5 crore as against Rs 14.2 crore in the same quarter of last fiscal. Research and brokerage firm Nirmal Bank in an IPO Note in July said that the three segments in which Rossari operates has a huge opportunity and good scope to expand. The addressable market for home care in India personal care ingredients is $80 crore. “The addressable market for the company in Indian textile specialty chemicals is approximately USD 1.2 billion and on the other hand the addressable market for animal health and nutrition products is approximately USD 0.14 billion,” it added.