Oriental Carbon block deal: BofA buys stake in this Rs 300 crore m-cap counter. Stock surges 20%
Bank of America (BofA) bought 53,428 shares in microcap counter Oriental Carbon & Chemicals on Monday via block deal. The shares were bought at a price of Rs 289.53 a piece taking the deal size to Rs 1.5 crore.
ADVERTISEMENT Shares of Oriental Carbon today shot up 20% or Rs 50.35 to hit the day's high of Rs 302.14 on the NSE.
The company manufactures insoluble sulphur with the ability to manufacture customised and value added grades for its customers.
Oriental Carbon & Chemicals shares have rallied 31% on the year-to-date basis outperforming Nifty whose returns stand at 6%. However, the stock is down 55% over a 1-year period.
It is also down from its 52-week high of Rs 824 on the NSE. Its market capitalization is at Rs 302 crore on the NSE. Notwithstanding the decline, Oriental Carbon shares are trading above their 50-day and 200-day simple moving averages (SMA) of Rs 188 and Rs 221, respectively, according to Trendlyne.
ADVERTISEMENT The stock is low on volatility and has traded with a 1-year beta of 0.9.The company reported a consolidated net profit of Rs 90 lakh in the quarter ended March 31, 2025 versus Rs 14 crore in the year ago period. The company's revenue also fell sharply to Rs 29 crore, down from Rs 127 crore in the year ago period.
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Also Read: Ashish Kacholia's portfolio conundrum: When earnings pop but stock prices sink up to 37% in CY25
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