VST Industries trade higher by 2% after Radhakishan Damani sells stake before Q1 results

In the run-up to the company’s quarterly results, Damani offloaded a 1.7% stake in the company amounting to 2.26 lakh shares. Through his entity, Derive Trading and Resorts, the investor reduced his stake in the company via block deals which triggered a significant sell-off in the share price on Wednesday. Meanwhile, Damani Estate and Finance sold 0.9 lakh shares which is equivalent to a 0.58% stake in the company.

According to shareholding data, Damani sold his holdings at ₹4,102 per share amounting to ₹107 crore. Although he has reduced his stake in the company, he still remains one of the largest shareholders with nearly 35% stake in the company.

The board of directors of VST Industries will meet on July 25, 2024, to consider and approve the financial results of the company for the quarter ended June 30, 2024. The board of directors will also consider the issue of bonus shares in the meeting.

In Q4 FY24, VST Industries reported a 28.38% year-on-year (YoY) rise in net profit to ₹88.2 crore. The total income for the quarter grew by 24.76% YoY to ₹505 crore.

For the financial year ended March 31, 2024, the company reported a 7.77% YoY decline in net profit to ₹301 crore while the total income grew by 9.61% YoY to ₹1,917 crore.

The company also declared a final dividend of ₹150 per share for FY24.

Shares of the company have risen by nearly 18% since the beginning of the year. The stock has gained over 8% in the past year.