This Footwear Stock Made Rekha Jhunjhunwala ₹160 Crore Richer Today

Shares of Metro Brands jumped up over 4% on Wednesday to hit a new 52-week high of ₹1,032.85. Rekha Jhunjhunwala owns a 14.40 stake in the company.

Shares of the company have been rallying after the company posted its earnings for the March quarter last month. The company saw a significant increase in its operational revenue, rising by more than 34% compared to the previous year, reaching ₹544.13 crore. However, there was a slight decrease in net profit for the period, with ₹68.49 crore compared to the ₹68.79 crore reported in the corresponding quarter of the previous year.

See Also: This Small Cap Stock Added ₹15 Crore To Akash Bhansali’s Net Worth Today

The numbers also impressed brokerage firms across the board, who remained positive on the stock after the results came out.

Brokerage FirmRatingPrice Target
Motilal Oswal Buy₹1,070
ICICI Secutities Buy₹1,050
NuvamaBuy₹1,065

Now, to the part you are looking for. Here’s how this footwear added ₹160 crore to Jhunjhunwala’s net worth today. On Tuesday, when the stock closed at ₹990, Jhunjhunwala’s stake was worth around ₹3,876.20 crore. Today with the surge, the value of her 39,153,600 shares went up to ₹4,043.97 crore. An increase of around ₹167.59 crore.

Price Action: Metro Brands shares were up 3.84% to trade at ₹1,028 in the early hours of trading on Wednesday.

Read Next: Top 10 Richest People In India In May 2023

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsMetro BrandsRekha Jhunjhunwala