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Greenlam Industries slip after multiple block deals

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New Delhi: Shares of Greenlam Industries declined over 11 per cent after the counter witnessed multiple block deals in early trading on Tuesday.

The scrip slipped 11.53 per cent to Rs 585, whereas the benchmark BSE Sensex was up 0.20 per cent at 37,011.

“Over 20 lakh Greenlam shares traded in multiple block deals at Rs 585 per share,” ET NOW mentioned.

As of June 30, promoters held 54.90 per cent stake within the firm, whereas public shareholders had 45.10 per cent.

The corporate reported a consolidated web lack of Rs 7.71 crore for the quarter ended June 30 towards web revenue of Rs 8.37 crore within the corresponding quarter final 12 months. Internet gross sales of the corporate slipped 45 per cent YoY to Rs 160 crore through the quarter beneath overview.

YES Securities in its report on July 30 mentioned, “With lockdown measures in April and majority of tier 1 cities being Covid hotspots through the quarter, home enterprise of Greenlam was a close to washout. Nevertheless, abroad enterprise saved the day. Throughout Q1FY21, home enterprise operated at 30 per cent and worldwide enterprise operated at 85 per cent of pre-Covid ranges.” The brokerage has ‘Purchase’ ranking on the corporate with a goal worth of Rs 1,031.

Alternatively, Anand Rathi Shares and Inventory Brokers has a ‘Maintain’ name on Greenlam with a goal worth of Rs 818.

“We like Greenlam for its main place in laminates, home and exports. Whereas long-term drivers are intact, a sluggish restoration in actual property exercise stays a priority within the close to time period,” the brokerage mentioned.

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