Shares of VIP Industries gained on Tuesday after Vijay Kedia bought a stake in the company. 

What Happened: Vijay Kedia bought 7.25 lakh shares at an average price of ₹545.97 through Kedia Securities. The total sale is worth ₹39.58 crore.

The veteran investor in a tweet said that the stock is quite expensive and investors need to keep in mind that it needs patience. 

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VIP Industries is engaged in the making and marketing of bags, luggages and accessories. The company has a 38% market share in the Indian luggage market as of FY24. The company’s portfolio includes VIP, Skybags, Carlton, Aristocrat
and Caprese.

In its Q1 results, VIP Industries posted a 93% year on year decline in net profit to ₹4.04 crore. The company’s revenue went up slightly to ₹638.89 crore, a 0.43% increase from the previous year. The company attributed the revenue growth to fewer wedding dates, heat waves and Lok Sabha elections in its earnings call.

Price Action: Shares of VIP Industries rose 5.39% to ₹586.85 on Tuesday.

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