Singer India soars after Jhunjhunwala's investment firm buys stake

Singer India surged 17.72% to Rs 81.40 after Rakesh Jhunjhunwala's Rare Investments bought a stake in the sewing machine maker.

Rare Investments on Tuesday (16 August) bought 42.50 lakh shares in a bulk deal on the BSE for Rs 53.50 each. The Rakesh Jhunjhunwala investment firm now holds around 8% in Singer India.

Singer's parent Retail Holdings (India) B.V. was the major seller. It offloaded a little over 1.20 crore shares, or 22.49% stake, at Rs 53.54 each. It held 57.65% stake in the company as on June 2022.

Several other firms also purchased Singer India shares via bulk deal on Tuesday.

Shares of Singer India surged 20% on Tuesday on reports of the deal. The bulk deal data was uploaded on the BSE website after market hours on Tuesday.

According to the media reports, Singer India is said to be the last investment decision of Jhunjhunwala. The veteran investor passed away on Sunday (14 August) morning at the age of 62.

Singer India has two major business segments - sewing products and home appliances. Its range of home appliances span across food processors, dry iron and steam irons, mixer grinders, Sandwich makers and toasters, hand blenders, etc. The company has recently added room cooler and water heaters to its wide product portfolio.

Net profit of Singer India rose 242.86% to Rs 0.96 crore on 49.47% rise in net sales to Rs 109.53 crore in Q1 June 2022 over Q1 June 2021.

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