Singer India Rises Over 40% After Investment By Rakesh Jhunjhunwala's Firm
Continuing the upbeat movement, shares of Singer India Ltd opened with gains on Thursday. At 11:22 PM, Singer India shares traded at 83.30 apiece and looked set to be inching closer to its 52-week high of 91.50 shares a piece.
The company's shares have zoomed over 47 per cent since late investor Rakesh Jhunjhunwala's firm RARE Enterprises purchased 42.5 lakh shares at Rs 53.35 per unit via a bulk deal on BSE.
On Tuesday, Retail Holdings (India) B.V, the promoter of Singer India sold 12 million equity shares representing a 22.34 per cent stake in the company for Rs 64.25 crore.
Following the offload, Retail Holdings (India) B.V holding in Singer India reduced to 35.31 per cent from 57.65 per cent.
When the market opened on Tuesday, August 16, the shares of Singer India Ltd traded at Rs 56.40 a piece but zoomed over 20 per cent in less than an hour. Shares of the company were locked in an upper circuit of 20 per cent following reports of Jhunjhunwala's firm RARE Enterprises buying a stake through a bulk deal. At the end of trading hours, the Singer India shares touched Rs 69.15 apiece.
On Wednesday, August 17, the shares opened with a gain of over 8 per cent and surged further to hit an intrada day high of Rs 82.95 gaining over 19.30 per cent on the BSE. The day closed with the stocks trading at Rs 79 apiece.
Singer India is involved in the business of manufacturing and trading sewing machines and other accessories. The company also trades in other domestic appliances. In the last quarter, the company reported a net profit of Rs 96 lakh, up 243 per cent, against Rs 28 lakh in the corresponding quarter of the previous fiscal.
