This Large Cap Stock Made Rekha Jhunjhunwala ₹250 Cr Richer Today

Rekha Jhunjhunwala saw a significant increase in her net worth today, as Metro Brands‘ share surged up in early trade.

Shares of the footwear brand soared up over 9% to hit an intraday high of ₹1,167.50. The surge today ended the stock’s eight-straight session losing streak.

Last week, the footwear retail chain reported a 12.57% decline in consolidated net profit for the third quarter ended December 2023. The net profit was ₹98.78 crore, compared to ₹112.99 crore during the same period a year ago. However, the revenue from operations increased by 6.14% to ₹635.50 crore, up from ₹598.71 crore in the year-ago period.

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The company also announced a ₹2.75/share interim dividend. The record date for the dividend is Jan. 31. The dividend will be paid out within 30 days from declaration.

Jhunjhunwala holds a 9.60% stake in Metro Brands, equating to 2.6 crore shares. The stock’s previous close was at ₹1,071.80, valuing her holdings at ₹2,797.65 crore. However, with the stock reaching a high of ₹1,167.50 today, the value of her stake rose to ₹3,047.45 crore.

If she holds the same amount of shares till the record date, the dividend payment for her would be around ₹7.17 crore.

Price Action: Metro Brands’ share price was up 7.26% to trade at ₹1,149.60 on Thursday.

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Posted In: EquitiesMarketsMetro BrandsRekha Jhunjhunwala

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