Block deal involving 8.5% stake in Globus Spirits likely today

The block deal in Globus Spirits is expected at a floor price of Rs 975-985.

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Shares of Globus Spirits will remain in focus on August 17 amid reports that a large block deal involving an 8.5 percent stake in the company is likely to take place on the bourses.

A CNBC-TV18 report said that Around 25 lakh shares, amounting to 8.5 percent equity, will change hands at an average floor price of Rs 975-985 apiece, a 1-2 percent discount from the previous day’s closing price of Rs 996.45.

Details of the likely buyers or sellers could not be ascertained by Moneycontrol.

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Last week, Globus Spirits reported a 15.1 percent on-year rise in revenue at Rs 570.10 crore for the April-June quarter, up from Rs 541 crore in the same period of the preceding fiscal.

The company’s net profit rose 4 percent year-on-year to Rs 38.80 crore, while the operating profit margin came at 6.8 percent.

The manufacturing business, which makes up 64 percent of the total revenue, recorded a 22 percent on-year growth, benefitting from expanded capacities. On the other hand, the consumer business, which accounts for 36 percent of the revenue mix, grew 5 percent backed by robust volume growth.

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