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Rallis India soars on inking pact with IKEA for land lease

30 Mar 2016

Rallis India is currently trading at Rs 174.10, up by 4.30 points or 2.53% from its previous closing of Rs. 169.80 on the BSE.

The scrip opened at Rs. 176.20 and has touched a high and low of Rs. 178.00 and Rs. 172.90 respectively. So far 27313 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 273.80 on 15-Jul-2015 and a 52 week low of Rs. 142.00 on 21-Jan-2016.

Last one week high and low of the scrip stood at Rs. 172.15 and Rs. 166.80 respectively. The current market cap of the company is Rs. 3391.54 crore.

The promoters holding in the company stood at 50.09% while Institutions and Non-Institutions held 21.49% and 28.42% respectively.

Rallis India, a Tata Group company has signed an agreement for assignment of its leasehold rights in respect of its leasehold land at MIDC Industrial area, Turbhe, Navi Mumbai to IKEA India for Rs 214 crore.

The transaction is subject to IKEA getting the required approval from regulatory authorities, including approval from the Maharashtra Industrial Development Corporation for the assignment of the leasehold rights as well as payment of such charges as may be applicable for obtaining the approvals.

In 2012, Rallis India shut operations at this plant as the surrounding area developed into residential locality. It started operations at Turbhe in 1970.

Rallis India is a major agri-solution provider company in India. The company has been associated with the farming community for the past over 160 years and continuously strives to improve farm productivity through innovative product & service offerings.

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