Rakesh Jhunjhunwala's last stock bet? Share rallies 20% in one session
Premium- Rakesh Jhunjhunwala's RARE Investments has bought 42,50,000 shares of the company through a bulk deal
After newsbreak of Rakesh Jhunjhunwala's firm RARE Investment buying stake in Singer India, the sewing stock gave strong upside moves and hit upper circuit on Tuesday session. Singer India share price opened upside on Tuesday and hit intraday high of ₹69.15 apiece levels — logging 20 per cent rally in single session. As per the information available on BSE website, Rakesh Jhunjhunwala's investment firm RARE Investments has bought stake in Singer India that probably triggered fresh buying in the counter on Tuesday.
Rakesh Jhunjhunwala's RARE Investments has bought 42,50,000 Singer India shares, which is more than 10 per cent of total paid up capital of the company. RARE Investments bought these shares via bulk deal with the company. The details of the bulk deal is available on the BSE website that informs that Rakesh Jhunjhunwala's firm bought 42.50 lakh shares of Singer India paying ₹53.50 apiece.
Singer India share price history
In last one month, Singer India share price has surged from ₹43.55 to ₹69.15 apiece levels, logging near 60 per cent jump in this period. In last six months, Singer India shares have given 20 per cent return to its shareholders whereas in year-to-date (YTD) time, singer India share price has ascended from ₹57.95 to ₹69.15 apiece levels, logging near 20 per cent rise in this period.
Singer India is engaged in manufacturing and trading of sewing machine and sewing related accessories. It is also in the business of making and trading of other domestic appliances like fans, oven, electric coolers, juice mixer grinder etc.
The Company during the quarter ended 30th June 2022 (QIFY23) recorded a revenue growth of 49 per cent over the corresponding period in the prior year (QIFY22). Both segments of sewing machines and home appliances registered strong growth over the prior year. The profits after tax in the current quarter was recorded at Rs. 0.96 crores against ₹0.28 crores in the prior year.
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The Company continued to operate with zero borrowings despite increase in the inventory levels at the end of June 2022. The inventory had increased partly due to lower sales than forecast and partly due to preparedness for the approaching festival season.
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