HDFC MF Bought 4.47 Lakh Shares in This Mukul Agrawal Small-Cap Multibagger Stock; Stock Hits 52-Week High
The company's impressive client portfolio includes renowned brands such as Zara, Tommy Hilfiger, Calvin Klein
On Tuesday, the Indian benchmark indices continued their upward trajectory, with the NSE benchmark Nifty 50 index reaching a fresh all-time high. The Sensex also edged closer to the 81,000 mark, signaling strong market sentiment. This bullish trend was not limited to Large-Cap stocks, as the broader markets also performed well. Both the Nifty Midcap 100 and Small-Cap 100 indices hit new all-time highs, reflecting widespread optimism among investors.
One small-cap stock that has particularly caught the attention of market participants is Pearl Global Industries (PGIL). On Tuesday, PGIL's shares surged nearly 8 per cent, reaching a new 52-week high of Rs 829 per share on the NSE. This remarkable performance was driven by several key developments.
On Monday, it was reported that HDFC Mutual Fund had acquired 4.47 lakh equity shares of Pearl Global at an average price of Rs 731 per share, as per data available on the BSE. This acquisition highlights the growing interest in PGIL among institutional investors.
Interestingly, this transaction saw the exit of a significant investor, Sanjiv Dhireshbhai Shah, who sold 2.77 lakh shares. Shah held a 7.56 per cent stake in Pearl Global at the end of the June quarter, making this sale a noteworthy shift in the company's shareholder composition.
Adding to the buzz, Pearl Global Industries launched a Qualified Institutional Placement (QIP) on Monday to raise additional funds. The floor price for the QIP has been set at Rs 748.68 per share. The company has the discretion to offer a discount of up to 5 per cent on this floor price when determining the final issue price. However, Pearl Global has not yet specified the exact use of the funds to be raised through this QIP.
As of the end of the June quarter, ace investor Mukul Mahavir Agrawal held a 3.44 per cent stake in the company.
Pearl Global Industries is a multinational apparel company engaged in the manufacturing, marketing, distribution, and sourcing of a wide range of apparel products. The company's impressive client portfolio includes renowned brands such as Zara, Tommy Hilfiger, Calvin Klein, and Ralph Lauren, among others. This diverse and prestigious clientele is a testament to the company's strong market position.
To attract new customers and stay ahead of fashion trends, Pearl Global boasts a robust design team dedicated to fashion trend analysis. The company employs modern, unique techniques such as 3D CAD rendering, 3D Optitex, CLO, and Browzwear to craft its final products, ensuring high-quality and innovative apparel.
Over the past 12 months, PGIL's stock has gained an impressive 179 per cent. In 2024 alone, the stock is up by 26.28 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.