Singer India shares rose 19% to Rs.82.50 on Wednesday in intraday trading on the BSE amid high volume trading.
IMAGE: JUSTDIAL
After its promoters sold 22% of the company's shares in open market trading, the shares of the appliance company surged 43% in the past two sessions.
August 16, 2022: Retail Holdings India B.V., Singer India's promoter sold 12 million equity shares. This represented a 22.34% share of the company. It was worth Rs 64.25 crore.
Retail Holdings India (India) B.V.'s stake in Singer India fell from 57.65% down to 35.31% after the deal, the company stated.
According to block trade data, Rare Investments, Rakesh Jhunwala's investment arm, purchased 4.25 million shares (or 7.91%) in Singer India on Tuesday.
PGA Securities also bought 2.45 Million shares in Rare Investments. Veena Kumari Tandon and Gauri Tandon purchased 7 Lakh shares in block trades.
PGA SECURITIES
Singer India shares were up 19% at Rs.82.30 at 10:41 AM, while the benchmark index was down 0.5%.
Singer India shares have risen 94% over the past two days, while the S&P BSE Sensex rose 12% in the same period.
Singer India has been a leader in India's sewing machine sector for many years, with its well-known brands "Singer" & "Merritt".
Singer India completed the handover of the land lease in Jammu on July 13, 2022.