Porinju Veliyath Picks Up Stake In This Rekha Jhunjhunwala-Backed Micro Cap Stock

Shares of Singer India surged up 10% on Thursday to hit the upper circuit at ₹113.32.

What Happened: As per the latest shareholding data, veteran investor Porinju Veliyath picked up a fresh stake in the company during the September quarter. The Czar of small-cap stocks bought around 6.25 lakh or 1.02% shares of the company. His stake is currently worth around ₹7 crore.

Rekha Jhunjhunwala is also one of the investors in the company. As of Sept. 30, she owns 42.5 lakh or 6.95% shares of the company. The value of her stake is around ₹48.16 crore.

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With a market cap of around ₹700 crore, the micro cap company has two major business segments – sewing products and home appliances. The range of home appliances spans across food processors, dry iron and steam irons, mixer grinders, sandwich makers and toasters, hand blenders, etc.

Established in the year 1851 by Sir Isaac Merritt Singer, as the ‘Singer Sewing Machine Company', Singer India is one of the oldest companies in the country.

Price Action: Singer India’s share price was up 9.75% to close at ₹113.32 on Thursday.

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Posted In: EquitiesMarketsMoversTrading IdeasPorinju VeliyathRekha JhunjhunwalaSinger India