On Monday, the shares of this luggage manufacturer gained up to 1 percent after the company’s Board, at its Meeting considered and approved the allotment of 12,00,000 Equity Shares on a preferential basis.
With a market capitalization of Rs 9,004.47 crore, the shares of Safari Industries (India) Ltd were trading at Rs 1,893.00 per share, decreasing around 0.49 percent as compared to the previous closing price of Rs 1,902.05 apiece.
According to the corporate filing, during its meeting on January 15th, 2024, the Board of Directors of Safari Industries (India) Ltd discussed and approved the preferential allocation of 12,00,000 Equity Shares worth Rs 228.96 crore.
Furthermore, the company alloted 12,00,000 Equity Shares of the Company having a face value of Rs. 2 each at a price of Rs. 1,908 per Equity Share (including a premium of Rs. 1,906 per Equity Share) on a preferential basis.
Looking into the company’s financial, 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.
Ashish Kacholia, a prominent investor, owns 10,00,000 shares, accounting for 2.10 percent of the firm as of December quarter 2023.
The stock gave a multi-bagger return of 108 percent in a year. If an investor bought 1 lakh shares last year, they are now worth 2.08 lakhs.
Safari Industries (India) Ltd’s latest ownership pattern shows that the promoters control 46.88 percent, retail shareholders own 22.96 percent, and foreign institutional investors own 13.25 percent.
Safari Industries (India) Ltd. recorded a 34.4 percent return on equity (ROE) and 37.5 percent return on capital employed (ROCE) in the most recent fiscal year.
Safari Industries is a manufacturer and trader of luggage and accessories. baggage falls into two categories: hard baggage and soft luggage.
Written by:- Abhishek Singh
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