Rekha Jhunjhunwala, experienced a significant boost in her wealth today, thanks to Metro Brands‘ share price reaching a new 52-week high. Shares of the footwear retailer surged up over 8% to hit a new 52-week high of ₹1,441.20.
The massive surge today comes as the company entered into a partnership with a US-based sneaker company. Under the terms of the agreement, MBL has been granted exclusive operational rights for Foot Locker stores in India. This partnership extends to the authorized sale of merchandise related to Foot Locker, a significant player in the global sneaker and athletic footwear market.
Jhunjhunwala holds a 9.60% stake in Metro Brands, which amounts to 26,102,394 shares. The stock’s previous close was at ₹1,328, valuing her holdings at ₹3,466.3 crore. However, with the stock hitting a 52-week high of ₹1,441.20 today, the value of her stake rose to ₹3,761.87 crore.
Price Action: Metro Brands’ share price was up 4.03% to trade at ₹1,381.55 in the early hours of trading on Thursday.
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