The shares of this luggage manufacturer gained up to 3 percent after the company’s board arranged a meeting to discuss the fund-raising proposal.
With a market capitalization of Rs 9,121.01, the shares of Safari Industries (India) Ltd were trading at Rs 1,917.50 per share, increasing around 2.37 percent as compared to the previous closing price of Rs 1,885.40 apiece.
According to the company filing, Safari Industries (India) Ltd’s board of directors scheduled a meeting on Monday, January 15, 2024, inter alia to consider the proposal for raising funds by way of the issue of securities to one or more persons, on a preferential basis.
The Company’s revenue rose by 17 percent year on year from 314 crores Q2FY23 to 370 crores Q2FY24, During the same time frame, net profit rose by 53.27 percent from 26 crores to 40 crores.
Ace investor Ashish Kacholia holds 10,00,000 shares, i.e. equivalent to 2.10 percent of the company as of December quarter 2023.
The stock gave a multi-bagger return of 108 percent in a year. As a consequence, if an investor purchased 1 lakh firm shares last year, those shares are now worth 2.08 lakhs.
Safari Industries (India) Ltd’s recent shareholding pattern, The Promoters of the company own 46.88 percent while Retail shareholders own a 22.96 percent stake in the company and Foreign Institutional Investors own a 13.25 percent stake.
Safari Industries (India) Ltd. reported return ratios in the recent financial year with a return on equity (ROE) of 34.4 percent and a return on capital employed (ROCE) of 37.5 percent.
Safari Industries manufactures and trades luggage and baggage accessories. There are two types of luggage: hard luggage and soft luggage.
Written by:- Abhishek
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