Ace investor Ashish Kacholia bought 218,000 shares of plastic moulded luggage manufacturer Safari Industries at Rs 550 per share on the BSE, as per the data available on the exchange.
The stock has risen over 10,000 percent in 10 years from around Rs 5 in 2009 to Rs 552, rallying over 11,600 percent. The stock, with a market capitalisation of over Rs 1,200 crore, has VIP, Skybags, Samsonite and American Tourister as its major competitors in the Indian market.
However, in the last one year, Safari Industries has given negative returns amid the ongoing slowdown. It has fallen over 25 percent in the last one year and 30 percent in 2019 alone hitting its 52-week high of Rs 829 on December 21, 2018, and a 52-week low of Rs 481 on August 9, 2019.
Safari Industries is the third-largest branded player in the Indian luggage industry. Its margins have more than doubled from 4.1 percent in FY 2014 to 9.1 percent in FY 2019, driven by the launch of new product categories and business.
Also, Saif India VI FII Holdings bought 57,8992 shares of the company at Rs 540 per share on the BSE on November 22, 2019.
The stock witnessed a spurts in its volume by more than 8.95 times on November 22, 2019. Safari Industries (India) closed at Rs 544.65, down Rs 36.70, or 6.31 percent.
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