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Home >Markets >Stock Markets >Laxmi Organic jumps 18% as Goldman Sachs India, Plutus Wealth buy stake

Mumbai : Shares of Laxmi Organic Industries jumped as much as 18% on Friday after Goldman Sachs India Fund and Plutus Wealth Management bought shares of the company via bulk deals on Thursday.

Laxmi Orgnanic's stock was currently trading around 182, up 11% from its previous close, while the benchmark index, Sensex gained 1.4%.

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According to the bulk deal data on the NSE, Goldman Sachs India Fund bought 1.68 million shares or 0.63% stake of the company at an average price of 155.71 per share, 20% premium to the issue price of 130, aggregating to 26.09 crore.

Plutus Wealth Management bought 15 lakh shares (or 0.56% stake) at an average price of 155.50 per share, up 20% from the issue price of 130 totalling to 23.33 crore.

Laxmi Organic was listed on Thursday at 156.20, a premium of 20.15% to the issue price of 130. The public issue was subscribed 106.79 times. The issue opened for bidding on 15 March 2021 and closed on 17 March 2021. The price band for the IPO was set at 129-130 per share.

On a consolidated basis, the company reported a net profit of 45.48 crore and revenue of 813.41 crore in the six months ended on 30 September 2020.

Laxmi Organic Industries is a speciality chemical manufacturer, focused on two key business segments: acetyl intermediates and speciality intermediates.

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