Sportking India soars ahead of NSE debut

Sportking India surged 11.31% to Rs 1018 ahead of its debut on the National Stock Exchange (NSE) on Wednesday, 24 August 2022.

Sportking India on Tuesday (23 August) announced that it received an approval for listing its shares on NSE from Wednesday, 24 August 2022.

NSE on 22 August 2022 granted the approval for listing Sportking India's 1,32,87,200 equity shares of Rs 10 each.

"The Equity shares of the Company shall be listed and admitted to dealings on the Exchange (NSE) w.e.f. 24th August 2022 under designated symbol 'SPORTKING'."

On the BSE, 68,000 shares were traded in the Sportking India counter so far compared with average daily volumes of 19,730 shares in the past two weeks. The stock hit a high of Rs 1074 and a low of Rs 925 so far during the day.

The stock hit a 52-week high of Rs 2046.95 on 7 October 2021. The stock hit a 52-week low of Rs 773.3 on 21 June 2022.

The stock had outperformed the market over the past one month, rising 7.9% compared with 5.2% increase in the Sensex.

The scrip underperformed the market in past one quarter, gaining 3.57% as against Sensex's 8.65% rise.

The scrip had also underperformed the market in past one year, falling 0.87% as against Sensex's 6.17% rise.

Sportking is a vertically integrated textile conglomerate. It owns seven manufacturing facilities in India spread across the states of Punjab and Himachal Pradesh. It also owns over 100 retail garment stores spread across many Indian states.

Net profit of Sportking India rose 5.18% to Rs 83.08 crore on 34.86% increase in net sales to Rs 606.32 crore in Q1 June 2022 over Q1 June 2021.

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