In Wednesday’s trading session, the shares of a global fashion and lifestyle company moved up by 4.08 percent to hit an intraday high at Rs. 749, after a Foreign Institutional Investor (FII) bought a 1.3 percent stake in the company via a bulk deal.
At 12:58 p.m., the shares of Pearl Global Industries Limited (PGIL) were trading in the green at Rs. 746.9, up by 3.8 percent, as against its previous closing price of Rs. 719.6.
What’s the news:
As per the 2nd July bulk deal data available with the NSE, the foreign investor Abu Dhabi Investment Authority purchased 5,85,912 equity shares valued at nearly Rs. 42.2 crore in Pearl Global Industries, representing a 1.3 percent stake, at an average price of Rs. 720.15.
Financials:
In terms of financials, the revenue from operations stood at Rs. 877.4 crore in Q4 FY23-24, rising by 20.2 percent YoY from Rs. 729.95 crore in Q4 FY22-23, but the after-tax profit fell by 8 percent to Rs. 49 crore from Rs. 53.32 crore, during the same period.
In the fourth quarter of the 2023-24 fiscal year, Pearl Global Industries significantly increased its total expenditure by 19.6 percent to Rs. 814.8 crore compared to Rs. 681 crore in Q4 FY22-23.
Shareholding Pattern:
As of March 2024, the ace investor Mukul Mahavir Agrawal holds 15 lakh equity shares, equivalent to a 3.44 percent stake, in Pearl Global Industries.
According to the latest shareholding pattern, the Promoters hold a 66.19 percent stake in the company, Foreign Institutional Investors (FII) hold a 5.45 percent stake, while Retail Investors and Domestic Institutional Investors (DII) hold a 27.86 percent and 0.49 percent stake in PGIL, respectively.
Stock Performance:
The stock has delivered nearly 142.3 percent of multibagger returns in one year, and around 8.5 percent of positive returns in the last six months. So far in 2024, the shares of PGIL have given positive returns of 12.8 percent.
About the company:
Pearl Global Industries Limited, formerly known as House of Pearl Fashions Limited, is engaged in the business of manufacturing, sourcing and trading of ready-to-wear apparels in India and overseas, while its product range includes knits, woven, denim, outerwear, activewear and athleisure.
Established in 1989, PGIL is one of India’s largest listed garment exporters, manufacturing from multiple sourcing regions in South Asia (India, Bangladesh), South-East Asia (Vietnam, Indonesia) and Central America (Guatemala).
Written by Shivani Singh
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