Eternal Stock Surges 1% on BofA's Rs 267 Cr Acquisition
Eternal's stock surged over 1% to close at Rs 329.45 on the NSE, continuing its upward trend. This follows a significant acquisition by BofA Securities Europe SA, which bought shares worth nearly Rs 267 crore in the company, Zomato's parent.
Eternal reported a 70% rise in revenue to Rs 7,167 crore in the first quarter of the current fiscal year. However, profits fell significantly by 90% to Rs 25 crore compared to the previous year. The acquisition by BofA Securities Europe SA, which bought an 0.08% stake at Rs 325.5 per share, is part of a series of large trades in Eternal's shares this year. Earlier, BNP Paribas acquired Eternal shares worth Rs 3,220 crore and Alibaba Group affiliate Antfin sold shares worth Rs 4,097 crore. As of Wednesday's close, Eternal's market capitalization stood at Rs 3,17,930 crore.
Eternal's stock performance and recent acquisitions indicate increased interest from institutional investors. Despite a significant drop in profits, the company's revenue growth suggests potential for future recovery.
