Ruchi Soya, the edible oil player, headquartered in Madhya pradesh is finally taken over by Baba Ramdev led Patanjali Ayurveda.
After the complete control from Patanjali, the share has almost gone double from Rs. 3.30 to Rs. 6.10. No sellers were there for almost 20 days. Then profit booking started and it is falling for few days. Today it seems reversing the trend and it seems good time to enter into it after such correction. A huge volume of 60,00,000 shares has been traded till 11:30 am today. The upper circuit limit for Ruchi Soya is Rs. 5.30 up 5%.
Edible oil player Ruchi Soya Industries owes over Rs 9,345 crore to financial creditors led by SBI, which having an exposure of Rs 1,800 crore, followed by Central Bank at Rs 816 crore, Punjab National Bank at Rs 743 crore and StanChart at Rs 608 crore and DBS at Rs 243 crore. Thus the resolution comes at over Rs 60% haircut to the lenders.
Disclaimer : This is not a buy or sell call from author. Use your own presence of mind and consult your financial advisor before taking any decision for trading it any script.