Vijay Kedias favourite stock soared 6 per cent amid weak market sentiments
Vijay Kedia has expanded his investment in Vaibhav Global from 1.9 per cent to 2 per cent stake, according to June quarterly filings.
The market is trading in the red on September 7. The S&P BSE Sensex is down 0.17 per cent and trading at 59,094.67 at 2:10 pm, while the NIFTY50 is down 0.11 per cent. In terms of sector performance, FMCG and Telecom are the Top Gainers today, while Auto is the top loser.
Talking about stock-specific action, Vaibhav Global Ltd is one of the top gainers. At 2:10 pm, shares had risen 5.72 per cent from the previous close and were trading at Rs 379.85.
Vijay Kedia has expanded his investment in Vaibhav Global from 1.9 per cent to 2 per cent stake, according to June quarterly filings. He currently owns 3,200,000 equity shares of the company, valued at Rs 121.5 crore as of September 7.
Vaibhav Global operates in the international retail market dealing in diamonds, jewellery, watches, and other consumer goods. It operates 32 private label brands and is well-known in the UK and US markets.
On a consolidated basis, the company generated Rs 2,752 crore in revenue and a net profit of Rs 237.11 crore in FY22. The company's net sales for Q1FY23 were Rs 628 crore and its net profit was Rs 19.58 crore. In terms of return ratios, the ROE and ROCE at the end of the June quarter were 14 per cent and 22 per cent, respectively.
The company has a market capitalization of Rs 6263 crore and is currently trading at a PE multiple of 47.33x. The stock's 52-week high and low are Rs 288 and Rs 804.55, respectively.