Cohance Lifesciences Block Deal: Shares rally 10% after ₹216 crore worth equity changes hands

Shares of Cohance Lifesciences Ltd. gained over 10% after it witnessed a large trade just before market open on Wednesday, February 18.As many as 70 lakh shares, or 1.82% of its equity, worth ₹216.3 crore changed hands in a block deal window.

At the end of the December quarter, promoters Berhyanda Ltd. and Jusmiral Holdings Ltd. held 57.49% and 33.34% stake in the company, respectively. Meanwhile, mutual funds held 17.36% stake and insurance companies held 3.94% stake in the firm.
Cohance Lifesciences’ net profit declined 76% in the third quarter to ₹36.7 crore from ₹153 crore in the previous year.
Its revenue declined 19.5% to ₹544.5 crore from ₹676.2 crore in the third quarter of the previous year.The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) declined 60% to ₹95.2 crore from ₹237 crore last year.

Its margins contracted sharply as well to 17.5% from 35% in the year-ago period.

Shares of Cohance Lifesciences gained over 10% to hit an intraday high of 341 apiece on Wednesday. The stock was up 9.7% at ₹338.7 apiece around 10.55 am. The stock has declined 19% in the past month and is down 63% in the past six months.

Also Read: Dilip Buildcon shares gain 6% after it wins ₹668 crore Gujarat flood control project