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BCL Industries’ Promoter Gives a Boost to Shareholding with Sizeable Stake Acquisition
In a recent development, the promoter, Kushal Mittal, has increased his stake in BCL Industries, a leading manufacturer of Extra Neutral Alcohol (ENA) and ethanol in India. According to a regulatory filing, Mittal acquired 1,89,499 shares on March 20, 75,000 shares on March 21, and 1,10,000 shares on March 24. This strategic move has now given him a significant influence in the company.
The acquisition has resulted in Mittal’s shareholding increasing to 48,672,364 shares, representing 16.49% of the total outstanding shares. This is up from his previous stake of 16.36%, representing 48,297,865 shares. With this new development, Mittal now has a substantial influence on the company’s decision-making process.
BCL Industries is one of the largest grain-based manufacturers of ENA and ethanol in the country. As per the December 2024 shareholding pattern, promoters own a majority stake of 55.77%, while non-institutional investors hold a 40.55% stake.
The residential sector is closely monitoring the development, with the company’s stock opening at Rs 39.88 on the BSE and touching a high of Rs 40.23. However, it soon corrected to a low of Rs 38.02, before closing at Rs 38.25. BCL Industries has given a multibagger return of 1,265% in five years, but has corrected 35% in the last 12 months. So far this year, the scrip has dipped 24%.
In the last four years, the stock has delivered a massive 220% return on the NSE. With a market capitalization of Rs 1,144.64 crore, the company’s performance is closely monitored by investors.
As the stock market continues to soar, investors are eagerly awaiting further developments in the company’s journey. The BSE Sensex and Nifty indices also continued their winning streak on Tuesday, fueled by foreign fund inflows and a surge in the US markets. Amid this backdrop, BCL Industries’ performance will be closely watched, with its bio-energy plant project in West Bengal, worth Rs 150 crore, set to further drive growth.
Original Source: https://www.india.com/business/bcl-industries-shares-in-focus-as-promoter-raises-stake-check-details-7707714/
Category : Business,Share market news
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Publish Date: 2025-03-25 13:17:00
