INSUBCONTINENT EXCLUSIVE:
Mumbai: Promoters of Jyothy Laboratories sold a 4% stake in the company on Friday that would help them reduce the pledge of shares, even as
the maker of Ujala fabric whitener is seeking to become debt-free by March 2021
However, with weak results for the September quarter, low return on equities compared with peers and weak presence in high-growth north
on Friday, and is down 18% so far this year
Analysts see limited upside for the stock from the current levels.
The pace of estimated earnings growth at a compounded annual rate of 18%
between FY2019 and 2021 is moderate for a company which is much smaller in terms of size compared with its midcap peers, said Krishnan
Sambamoorthy of Motilal Oswal Financial Services
67.11% stake as on September 30, of which 24.96% was pledged
They sold 4% of the company worth Rs 260 crore to pay off the debt which was there against the shares, said company officials