Sewing stock took a strong jump in Tuesday’s session and hit the 20 per cent upper circuit, following news of Rakesh Jhunjhunwala’s firm Rare Investments buying stake in Singer India. Singer India share price is still on an upward trend as the stock extended its rally in Wednesday’s session as well. Singer India’s stock opened upside down today and reached intraday high At the level of 82.50, a growth of about 43 percent was registered in the last two trading sessions from 57.65 82.50 level on BSE).
According to information available on the BSE website, Rakesh Jhunjhunwala’s investment firm Rare Investments has bought stake in Singer India, possibly triggering fresh over the counter buying on Tuesday.
Rakesh Jhunjhunwala scarce investment Has bought 42,50,000 shares of Singer India, which is more than 10 percent of the total paid-up capital of the company. Rare Investments bought these shares through a bulk deal with the company. details of bulk deal Available on BSE website which states that Rakesh Jhunjhunwala’s firm bought 42.50 lakh shares of Singer India on payment. 53.50 each.
Singer India Share Price History
Singer India’s share price has risen in the last one month from 43.55 At the 82.50 level, a jump of nearly 80 percent over the period. In the last six months, Singer India shares have delivered 38 per cent returns to its shareholders, while in year-on-year (YTD) time, Singer India’s share price has increased. from 61.65 At 82.50 level, a growth of about 30 per cent was registered during this period.
Singer India is engaged in manufacturing and trading of Sewing Machines and Sewing Related Accessories. It is also in the business of manufacturing and trading other home appliances like fans, ovens, electric coolers, juice mixer grinders etc.
During the quarter ended June 30, 2022 (QIFY23), the company registered a revenue growth of 49 per cent over the corresponding period of the previous year (QIFY22). Both the Sewing Machines and Home Appliances segments registered strong growth over the previous year. Profit after tax for the current quarter is Rs. 0.96 crore against 0.28 crore in the prior year.
The company continued to operate with zero borrowings despite an increase in inventory levels at the end of June 2022. The increase in inventory was partly due to lower than forecast sales and partly due to preparations for the upcoming festive season.
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