Singer India soars after Jhunjhunwala’s investment firm buys stake
Singer India jumped 17.72% to Rs 81.40 after Rakesh Jhunjhunwala’s Rare Investments bought a stake in the sewing machine maker.
On Tuesday, August 16, Rare Investments bought 42.50 lakh of shares in a bundled BSE deal for Rs 53.50 each. Investment firm Rakesh Jhunjhunwala now owns around 8% of Singer India.
Singer’s parent company, Retail Holdings (India) BV, was the lead seller. He sold just over 1.20 crore of shares, or 22.49% stake, at Rs 53.54 each. He held 57.65% of the company’s capital in June 2022.
Several other companies also bought shares of Singer India via a bundled deal on Tuesday.
Singer India shares jumped 20% on Tuesday following reports of the deal. Wholesale trading data was uploaded to the ESB website after market hours on Tuesday.
According to the media, Singer India would be Jhunjhunwala’s last investment decision. The veteran investor died on Sunday morning (August 14) at the age of 62.
Singer India has two major business segments: sewing products and home appliances. Its range of home appliances covers food processors, irons and steamers, blender choppers, toasters and toasters, hand blenders, and more. The company recently added chillers and water heaters to its extensive product line.
Singer India’s net profit increased by 242.86% to Rs 0.96 crore on a 49.47% increase in net sales to Rs 109.53 crore in Q1 June 2022 compared to Q1 June 2021.
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