Share price of the fastest-growing company in the textile sector moved down by nearly 2.66 percent to Rs. 474.75 in the morning trading session of Monday after two companies sold their stakes in the company.
With a market cap of Rs. 2,398 crore, shares of Sangam (India) Ltd. opened at Rs. 496.65 on Monday from its previous close of Rs. 487.75. The company has delivered a positive return of more than 45.9 percent in the last six months compared to more than 126.06 in the last one year. So far in 2024, it has given around 11.4 percent returns.
According to the data available on the stock exchanges, Anand Rathi Global Finance Ltd. sold 3 lakh equity shares in Sangam (India) on January 25, at an average price of Rs. 450.01. The total value of the transaction was Rs. 13.5 crore.
Along with Anand Rathi Global Finance, Authum Investment & Infrastructure Limited, on the same date, offloaded 3.75 lakh equity shares at an average price of Rs. 451.58 which makes a total transaction of Rs. 16.93 crore.
While Adand Rathi Global Finance Ltd. had 9,43,455 paid-up equity shares in Sangam (India), which is a 1.88 percent stake, Authum Investment and Infrastructure Ltd. had 52,86,954 equity shares or 10.52 percent shareholding, as of December 2023.
Meanwhile, Think India Opportunities Master Fund LP bought 6 lakh equity shares at an average price of Rs. 449.99, amounting to a total transaction of Rs. 26.99 crores.
In terms of financials, the company’s revenue from operations fell by 7.09 percent from Rs. 677 crores in the June 2023 quarter to Rs. 629 crore in the September 2023 quarter.
The net profit decreased by 15.38 percent from Rs. 13 crore in the June 2023 quarter to Rs. 11 crore in the September 2023 quarter. oreover, the December 2023 results for Sangam (India) will be announced on 3 February 2024.
As of December 2023, FIIs hold 0.17 percent of the shares, whereas DIIs hold 0.33 percent of the shares in the company, aggregating to 0.5 percent of the institutional holdings.
Sangam Group is one of the largest exporters of India’s textile ecosystem and is engaged in the business of manufacturing and selling of synthetic blended, cotton & texturised yarn, fabrics, denim fabrics and readymade seamless garments.
Written by Shivani Singh
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