Porinju Veliyath bought 6,25,000 shares of this multibagger micro-cap stock; Rekha Jhunjhunwala also owns 42,50,000 shares!

The stock is up 70 per cent in 1 year and gave multibagger returns of over 300 per cent in 3 years.

Today, the Indian benchmark indices ended the trading session in the green, the BSE Sensex Index up 0.39 per cent at 66,428.09 and the NSE Nifty-50 Index up 0.40 per cent at 19,811.50.

The overall market was up, and the multibagger micro-cap stock was trending higher, hitting back-to-back 52-week highs with more than twice the usual trading volume. At the closing bell, shares of the company were trading at Rs 123.06 per share, up 1.70 per cent. The stock made a new 52-week high of Rs 124.90 per share.  

An ace investor, Porinju Veliyath bought 6,25,000 shares or 1.02 per cent stake in this company in the September quarter (Q2FY24). Additionally, Rekha Jhunjhunwala, an ace investor and wife of Late. Rakesh Jhunjhunwala holds a 6.95 per cent ownership stake in the company, totalling 4,250,000 shares.

The stock name is Singer India Ltd.

Singer India is engaged in the business of trading & manufacturing of sewing machines, and related accessories and in trading of domestic appliances. The company has a market cap of 753 crore with a 3-year stock price CAGR of 60 per cent. The company has very little debt, with only 1.79 crore in debt, which is just 0.24 per cent of its market capitalization.

The company reported positive numbers in its Quarterly Results and annual results. The stock is up 70 per cent in 1 year and gave multibagger returns of over 300 per cent in 3 years.

Disclaimer: The article is for informational purposes only and not investment advice.