Thursday, February 2, 2023

Last stock bet made by Rakesh Jhunjhunwala? Shares were up 43% in two sessions

Bright Times News: As a result of the news that Rakesh Jhunjhunwala’s company, Rare Investments, had acquired a stake in Singer India, the tailoring stock had a significant increase on Tuesday and reached the 20% upper circuit.

Since the stock continued to advance on Wednesday, the share price of Singer India is still rising. Today’s share price for Singer India increased from the opening price of Rs. 57.65 to Rs. 82.50, representing a gain of over 43% over the previous two trading days (on the BSE).

Rakesh Jhunjhunwala’s investment company, Rare Investments, purchased a stake in Singer India, according to records on the BSE website. This could have prompted new over-the-counter trading on Tuesday.

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Rare Investments, a business owned by Rakesh Jhunjhunwala, has acquired 42,50,000 Singer India shares, or more than 10% of the company’s entire paid-up capital. Through a bulk purchase agreement with the company, Rare Investments acquired these shares.

According to information about the wholesale transaction posted on the BSE website, Rakesh Jhunjhunwala’s company paid 53.50 for 42.50 lakh shares of Singer India.

Singer India Share Price History

The share price of Singer India rose from 43.55 to 82.50 over the previous month, a gain of about 80%. Shares of Singer India returned 38% to shareholders during the previous six months, while the company’s share price has climbed by nearly 30% year over year (YTD) from Rs 61.65 to Rs 82.50. Throughout this time.

Singer India manufactures and sells sewing machines and accessories related to sewing. Other household goods like fans, ovens, electric refrigerators, juice mixer grinders, etc. are also produced and traded by this company.

When compared to the same period the year before, the company’s sales increased by 49% during the quarter ending June 30, 2022 (QIFY23) (QIFY22). The sectors for sewing machines and home appliances both experienced significant growth from the previous year. The current quarter’s profit after tax is 0.96 crores of rupees as opposed to 0.28 crores in the previous quarter.

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Vishnu Soni
Vishnu Soni
I am working in NewsMarkets24 Network for the last several years, I learn a lot of things here like News editing ,News writing and how to manage my team to maintain our goals. My job does not only give me experience but also helps to shape my person for success. it gives me a chance to improve my skills and knowledge
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