Rekha Jhunjhunwala, Porinju Veliyath-Backed Micro Cap Stock Slumps 6% After Q2
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of Singer India witnessed a massive slump on Tuesday morning going down over 6.5% to hit an intraday low of ₹101.80.

What Happened: The company posted its results for the quarter ended September on Monday evening. The company’s net profits took an 81% hit in the September quarter going down to ₹1.21 crore from the ₹6.60 crore profit posted in the year-ago period.

See Also: Why Nykaa Shares Are Going Up After Q2 Results

The company’s revenue for the quarter was at ₹104.86 crore, down 8.6% from the ₹114.79 crore posted in the same quarter last year. The company’s sewing machines segment’s revenue stood at ₹79.16 crore up marginally from the ₹77.07 crore posted in the same period last year.

The domestic appliances segment, on the other hand, saw a decline of 31% at ₹2,570. The results saw the company’s share slump back in the red on Tuesday after the stock closed higher on Monday ahead of the earnings.

Rekha Jhunjhunwala owns a 6.95% stake in the company, whereas Porinju Veliyath owns a 1.02% stake.

Price Action: Singer India’s share price was down 2.25% to trade at ₹106.40 in the early hours of trading on Tuesday.

Read Next: This Adani Stock Jumps As Profits Soar 47% In Q2

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.

Comments
Loading...
EquitiesMarketsMoversTrading IdeasPorinju VeliyathRekha JhunjhunwalaSinger India