Promoters of UPL have further increased their stake in the company, taking the total holding past 32 percent as of March 2023. This figure is the highest since September 2005.

Share Market Live

NSE

Promoters have increased their stake by 3.5 percent in UPL over the last six months. This quarter has seen stake g up by 2 percent, while the full financial year 2023 has seen stake go up by 4 percent.

Based on data available on the "insider trading" section on the exchanges, promoters bought 37 lakh shares of UPL on February 14, and 23.23 lakh shares on March 27. The average buying price of these shares stood at Rs 730 apiece. This is nearly 14 percent below the stock's 52-week high of Rs 848 in May 2022.

Besides the purchase from the open market, UPL's promoters also acquired 15.5 lakh global depository receipts (GDRs) on March 21 and 22, 2023. This equals to an additional 31 lakh shares purchased.

Post the purchase of GDRs, the company's promoters held 32.13 percent stake. With another 23 lakh shares purchased, the holding has increased to 32.45 percent.

UPL's shares have been rangebound over the last three months. On a year-to-date basis, the stock is down 1 percent, compared to a 6 percent drop in the Nifty 50.

For the December quarter, UPL's earnings were slightly better than expected, but lower on a year-on-year basis. Rising inflation and worries of a global recession have pressured the herbicide and insecticide maker, which rakes in a large chunk of its revenue from Latin America.

On the debt front, it saw a fall on a sequential basis with net debt as of December 2022 at $3,328 million against $3,500 million in September 2022.

Shares of UPL are trading 0.6 percent higher at Rs 704.8.

(Edited by : Hormaz Fatakia)

First Published:Mar 28, 2023 10:42 AM IST