rakesh jhunjhunwala: Market Movers: This ex-Big Bull stock tanks on slashing revenue guidance

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Multibagger Firstsource Solutions’ revenue guidance cut did not sit well with the investors of the company, who dumped the stock mercilessly. The company, in which ace investor Rakesh Jhunjhunwala held stake till December 2020, cut its FY22 revenue guidance to 14-14.5 per cent from 14.5-15.5 per cent earlier.

This was for the second quarter in a row that the company slashed its revenue guidance.

That said, the company’s profit after tax (PAT) for the quarter under review rose to Rs 135.5 crore, up 12 per cent year-on-year (YoY) while the revenue for the quarter witnessed a growth of 7 per cent YoY to Rs 1,445 crore. The company also announced the interim dividend of Rs 3.50 per share.

The stock tumbled 6 per cent to Rs 153.05 per share on BSE. Considering today’s decline, the scrip is still up 64 per cent in the last one year.

Chickens come home to roost

Poultry producer Venky’s shares plunged today as its December quarter numbers disappointed investors.

The company earlier today reported a 79.69 per cent year-on-year (YoY) drop in net profit for the quarter at Rs 21.63 crore against Rs 106.50 crore in the same period last year. The company’s revenue, however, rose 17.90 per cent YoY to Rs 1,098.50 crore.

“The profit margins of the poultry and poultry products segment for the quarter as well as for the 9 months ended December 2021 have been severely affected due to steep rise in the prices of key poultry feed ingredients, especially soya which has seen an unprecedented increase,” said the company.

The shares of the company settled 8.58 per cent lower at Rs 2,401.15 on BSE. The scrip had touched a low of Rs 2,376.45 in intraday deals.

Feeling Blue

Shares of Panacea Biotech ended the day at 5 per cent lower circuit on BSE after Serum Institute of India (SII) cut stake in the company.

The bulk deal data for Thursday shows that Serum Institute sold 3.58 lakh equity shares or 0.58 per cent holding at Rs 278.15 per share in Panacea Biotec on the NSE.

The Cyrus Poonawalla-owned company held 8.59 per cent stake in the company at the end of the December 2021 quarter.

In May last year, Adar Poonawalla CEO of Serum had offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction. The shares were then picked by SII.

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