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Block Deal Today: Torrent Pharma Drops 4% on Rs 3,000 Crore Stake Sale, Read More!

Block Deal Today: Torrent Pharma shares fell 4% as promoters plan to sell up to 2.9% stake for Rs 3,000 crore, with an additional 0.5% option.
Block Deal Today: Torrent Pharma Drops 4% on Rs 3,000 Crore Stake Sale, Read More!

Block Deal Today: Torrent Pharma’s stock fell about 4% after news broke that its promoter intended to sell up to 2.9% of their stake, valued at approximately Rs 3,000 crore, through block deals. The planned sale on October 30 includes an option for an additional 0.5% stake.

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Kotak Securities and Citibank are managing this significant block deal, highlighting the strategic financial moves within Torrent Pharma.

Also Read: Marico Q2 Results: Net Profit Up 20% to ₹433 Cr – Read More!

Torrent Investments Private Limited, holding a 71.25% stake as of September 30, 2024, is spearheading the sale. This move comes despite the company’s robust financial performance, indicating a strategic reshuffle of assets.

In Q2 FY 2024-25, Torrent Pharma reported a commendable 17% rise in PAT, reaching Rs 453 crore, propelled by strong domestic sales. This growth is up from Rs 386 crore during the same period the previous year, showcasing consistent operational success.

Also Read: Q2 Results Today: Over 80 Major Companies Set to Reveal Their Results Today! Check Out the List!

Revenues for the company also increased to Rs 2,889 crore from Rs 2,660 crore year-over-year. This financial uplift is part of a broader trend of growth within the company, driven by expanding market reach and effective product placement.

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On the day following the announcement, Torrent Pharma shares opened at Rs 3130.10 but dipped 4% to Rs 3084.80, reflecting market reactions to the block deal news. The stock has seen a 6% decline over the past week, underscoring the market’s sensitivity to significant ownership changes.

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