The share price of a prominent cable manufacturer hit a 52-week high and reached a 5 percent upper circuit limit of Rs.384.55 per share after Ashish Kacholia purchased preferential shares worth Rs.14.24 crore.
Price Movement
In Monday’s trading session, V-Marc India Limited’s share price opened at a 52-week high of Rs.384.55 per share and also hit a 5 percent upper price band from its previous close of Rs.366.25 apiece.
What happened
Ashish Kacholia, a reputed investor, purchased 4,97,000 shares in VMARC India Ltd on August 17, 2024. The total value of this allotment amounts to Rs.14.24 crores. The allotment is categorized as Non-QIB (Qualified Institutional Buyer).
Ashish Kacholia’s investment in V-MARC India Ltd enhances the company’s financial resources and boosts investor confidence. His involvement may also provide valuable expertise and increase the company’s market visibility.
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Along with the prominent investor’s acquisition, non-QIB investments include 16,35,000 shares worth Rs. 46.83 crore. These investments are expected to strengthen VMARC India’s market position and facilitate its strategic objectives.
Financials
The company reports financial statements on a half-yearly basis. The revenue from operations of V-Marc India Limited soared by a remarkable 193.23 percent year-on-year, reaching Rs.390 crore in H2FY24, up from Rs.133 crore in H2FY23. On a half-yearly basis, revenue climbed 123 percent from Rs.175 crore in H1FY24.
Profit After Tax (PAT) of the company surged significantly by 163 percent to Rs.21 crore in H2FY24, compared to Rs.8 crore in H2FY23. Furthermore, the net profit experienced an incline of 250 percent from Rs.6 crore in H1FY24.
Shareholding Pattern
As of March 2024, the promoters of V-Marc India Limited hold a 69.96 percent stake, while retail investors hold 30.04 percent. Ashish Kacholia now holds a 2.03 percent stake in the company.
Company Profile
V-Marc India Limited is an India-based company specializing in the manufacturing and marketing of electrical wires and cables. Operating under the brand name V-Marc, the company offers a range of products designed for various electrical applications, catering to both residential and industrial needs.
Written by – Siddesh S Raskar
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