Eternal's Revenue Surges 70% Despite Profit Drop; Shareholder Base Shifts
Eternal, a leading company in its sector, has seen significant changes in its shareholder base and financial performance in recent months. While details of earlier share acquisitions remain unclear, recent transactions have drawn attention.
Eternal's revenue surged by 70% in the first quarter of the current fiscal year, reaching Rs 7,167 crore from Rs 4,206 crore in the same period last year. However, profits took a significant hit, plummeting by 90% to Rs 25 crore from Rs 253 crore in the same quarter the previous year.
In August, there were substantial changes in Eternal's shareholder composition. BNP Paribas acquired shares worth Rs 3,220 crore, while an Alibaba affiliate, Antfin, sold shares worth Rs 4,097 crore. More recently, on October 1, BofA Securities Europe SA bought 82 lakh shares, equivalent to a 0.08% stake in Eternal, at Rs 325.5 per share. This acquisition, valued at nearly Rs 267 crore, follows a series of large trades in Eternal's shares this year. Despite these changes, Eternal's stock price has continued to rise, closing at Rs 329.45 on the NSE and pushing its market capitalization to Rs 3,17,930 crore as of Wednesday's close.
While the identity of the shareholder who acquired Eternal shares in July 2021 remains unknown, the company has experienced significant revenue growth and changes in its shareholder base. Despite a drop in profits, Eternal's stock price has remained resilient, indicating continued investor interest.
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