Acacia Partners offloads stake in NRB Bearings, stock gains nearly 6% at open

Foreign portfolio investor Acacia Partners LP offloaded shares worth Rs 16.35 lakh or 1.68% stake in NRB Bearings at an average price of Rs 269 per share.

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Shares of NRB Bearings were trading nearly 6 percent higher on the NSE at open on September 5, a day after Foreign portfolio investor Acacia Partners LP sold its stake in the company. As of 10:20 am, the shares were trading at Rs 277.85, lower than open but 2 percent higher then yesterday’s close of Rs 272.95.

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On September 5, Foreign portfolio investor Acacia Partners LP offloaded shares worth Rs 16.35 lakh or 1.68% stake in NRB Bearings at an average price of Rs 269 per share. In June 2023, Acacia Partners LP held a 2.13% stake in the company.

The financials

For the quarter ending June 2023, NRB Bearings reported a 15.21 percent year-on-year increase in net sales to Rs 272.02 crore for the quarter. Net Profit for the same period declined by 22.51 percent year-on-year from Rs. 23.94 crore in June 2022. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the June 2023 quarter was Rs. 49.98 crore against Rs. 46.35 crore in June 2022.

In a post-earnings investor release, managing director Harshbeena Zaver said that despite various challenges, the company is optimistic about their market position due to good performances in domestic and export markets. “We are cautiously optimistic and are poised to capitalise on the favourable market conditions,” Zaveri said.

Also read: Oberoi Realty acquires 6.4 acres in Thane near Mumbai

NRB Bearings is a auto ancillary manufacturer specialising in steel ball bearings.

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