Jindal Saw shares decline 3%, post Cresta Fund's withdrawal

Jindal Saw share prices fell by 3% on Wednesday after the US-based foreign portfolio investor (FPI) Cresta Fund sold its 0.78 percent equity holding in the company for Rs 82.5 crore through open market transactions.

On Monday, at an average price of Rs 330, Cresta Fund Management sold 25 lakh shares or 0.78 percent of its ownership position in the company.

The FPI-led stake sale caused a spike in share trading that brought the monthly average of 19 lakh shares traded at both exchanges to 58 lahks.

The company recorded consolidated revenue of Rs 17,868 in FY23, an increase of 34.3 percent from the reported revenue of Rs 13,298 in FY22. The company's net profit increased 18% in FY23 to Rs 443 crore from Rs 376 crore as reported in the prior year. However, the operating profit margin (OPM) decreased from 11% in FY22 to 9% in FY23, a decline of 200 basis points.

Source: Media Reports