Rakesh Jhunjhunwala’s latest stock bet? Share 20% rallies in a single session

Following news of the purchase of Rakesh Jhunjhunwala’s RARE Investment company’s stake in Singer India, the couture stock recorded strong gains and hit the upper circuit in Tuesday’s session. Singer India stock price opened higher on Tuesday and hit an intraday high of 69.15 levels each – recording 20% ​​rally in a single session. According to information available on the BSE website, Rakesh Jhunjhunwala’s investment firm RARE Investments took a stake in Singer India, which likely sparked further over-the-counter buying on Tuesday.

Rakesh Jhunjhunwala’s RARE Investments has purchased 42,50,000 shares of Singer India, more than 10% of the company’s total paid-in capital. RARE Investments purchased these shares through a joint transaction with the company. Details of the wholesale deal are available on the BSE website which informs that Rakesh Jhunjhunwala’s company has purchased 42.50 lakh shares of Singer India by paying 53.50 each.

Singer India Share Price History

Over the past month, Singer India’s share price has gone from 43.55 to 69.15 levels each, registering a jump of almost 60% during this period. Over the past six months, Singer India shares have returned 20% to its shareholders while year-to-date (YTD) Singer India’s share price has risen from 57.95 to 69.15 levels each, registering an increase of almost 20% during this period.

Singer India is engaged in the manufacture and trading of sewing machines and sewing related accessories. It is also to manufacture and market other home appliances such as fans, ovens, electric coolers, juice blenders, etc.

During the quarter ended June 30, 2022 (QIFY23), the company recorded revenue growth of 49% compared to the corresponding period of the previous year (QIFY22). The two segments of sewing machines and household appliances recorded strong growth compared to the previous year. Profit after tax for the current quarter was recorded at Rs. 0.96 crores vs. 0.28 crore the previous year.

The Company continued to operate borrow-free despite increased inventory levels at the end of June 2022. Inventory increased partly due to lower than expected sales and partly due to preparation for the approaching festivals.

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