Shares of household appliances maker Whirlpool of India saw massive demand and surged 20% to hit the upper circuit during intraday trading on the BSE on Wednesday, September 23, after reports suggested that promoter Whirlpool Mauritius is mulling to sell its entire remaining stake in the company.
Whirlpool of India shares kicked off the trading session with marginal gains at Rs 722.05 apiece, against the previous close of Rs 721.15 apiece on the BSE. The counter then surged 20% to hit the upper circuit of Rs 865.35 per share. Trading in the stock was subsequently halted after it hit the upper circuit.
The stock moved in the range of Rs 722.05-Rs 865.35 during Wednesday's trading session. With today's rally, the counter has rebounded around 22.5% from its 52-week low of Rs 706.30 per share, touched earlier this month on September 18 on the BSE.
Whirlpool stake sale
The sharp northward movement in Whirlpool of India's share price came after reports suggested that promoter Whirlpool Mauritius is set to sell its entire remaining stake in the company. According to the report, the deal is in its final stages, with an announcement expected in the coming weeks.
The list of potential buyers reportedly includes large investors and a major multinational consumer durables company.
Whirlpool Mauritius held a 39.76% stake in Whirlpool of India as of June. The promoter has reportedly been reducing its holding since 2023 and sold an additional 11.24% stake last year. Its holding in the company has fallen from 75% to 39.76% over the past three years.
About Whirlpool of India
Whirlpool of India Limited is a leading home appliances maker headquartered in Gurugram , Haryana. The company manufactures and sells a range of products, including refrigerators , washing machines , air conditioners and kitchen appliances. It operates three manufacturing plants located in Faridabad, Puducherry and Pune. Whirlpool of India had a market capitalisation of around Rs 10,978.85 crore on the BSE as of September 23.
Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures