The shares of Singer India rallied more than 19% in the early hours of trading on Wednesday. As of 10:32 IST, the stock was trading at ₹ 80.75 per share, up 16.85% for the day. In its previous trading session, the stock had its upper circuit. Cumulatively, it has given a return of more than 43% in the last two trading sessions.
The surge in the share price resulted from the news of Rakesh Jhunjhunwala’s firm RARE Investment buying a stake in Singer India. As per the information from the BSE website, late ace-investor Rakesh Jhunjhunwala’s investment firm RARE Investments has picked a stake in the company.
The investment company has purchased 42,50,000 shares amounting to more than 10% of the paid-up share capital of the entity. Data on the BSE website states that his firm acquired 43.5 lakh shares for ₹ 53.5 per share.
As for the one-month returns, the stock has climbed 85% giving almost a multi-bagger return to its investors.
Singer India is a small-cap company that manufactures and sells electric and non-electric appliances such as small & large sewing machines, mixers, iron, washing machines and more. At the current share price, the company has a market cap of ₹ 440 crores.
For the quarter that ended 30th June 2022, the company reported sales growth of 49% over the same period last year. Its two segments (sewing machines and home appliances) saw strong demand. Almost a debt-free company, it earned a net profit of ₹ 0.96 crores compared to ₹ 0.28 crores in the same quarter last year.
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