Morgan Stanley buys 6.12 lakh shares of Aditya Birla Chemicals worth Rs.142 crores

Foreign fund house Morgan Stanley Asia (Singapore) Pte. upped its stake in the Aditya Birla Chemicals India Ltd. (ABCIL) on 24th November in an open market transaction. The stake of the fund in ABCIL is now 5.10 percent from the previous 2.49 percent.

The fund house bought 6,12,584 shares of the company for Rs.141.73 crores. The average price of the stock was Rs.231.37. Meanwhile, three entities-Global Capital, Chiranjit Singh and Unifi AIF- offloaded 4,45,422 shares worth Rs.102.96 crore.

In terms of financials, the net sales of the company for year ending March 2015 is at Rs.1125.7 crores an increase of 5.58 percent on yearly basis. The Net profit of the company is 37.29 crores, a decrease of 25 percent from the previous year. The reason for decrease in the profit of the company is owing to the increase in employee expenses and finance costs.

The stock of the company at the end of the day on 24th November was Rs.230 an increase of 2.68 percent from the previous close and today it is trading at Rs. 231.90 an increase of 0.56 percent from the previous close.

With this ABCIL has also informed BSE that the Scheme of Amalgamation of Aditya Birla Chemicals (India) Ltd. with Grasim Industries Ltd. has been sanctioned by the Hon’ble High Court of Jharkhand at Ranchi on November 23, 2015.

ABCIL is an India-based company, which is engaged in the business of chlor alkali chemicals. The Company's products include aluminum chloride, aluminum chloride, caustic soda lye/flakes, caustic soda lye/flakes, chlorinated paraffin, compressed hydrogen, hydrochloric acid, liquid chlorine, phosphoric acid, poly aluminum chloride, stable bleaching powder and sodium hypochlorite.