VIP Industries Ltd's shares rose for second day in a row on September 24 after it emerged that ace investor Vijay Kedia bought shares worth Rs 40 crore of the luggage manufacturer.
Exchange data showed that Kedia bought 7.25 lakh shares of the company at Rs 545.97 apiece on September 23.
At 10:25 am on September 24, shares of the company were trading 5.5 percent higher at Rs 587 apiece.
Market capitalisation of the company is Rs 8,300 crore and promoters hold 52 percent stake in it. The 52-week low of the stock is Rs 428.5 while the 52-week high is Rs 697.4.
The stock is quite expensive and will require patienceplease keep this in mind before investing. https://t.co/hGD312dWw5
Vijay Kedia (@VijayKedia1) September 24, 2024
Earlier on September 24, Kedia spoke about this latest purchase on X platform (formerly Twitter). "The stock is quite expensive and will require patience—please keep this in mind before investing," said Kedia.
VIP Industries reported a 93 percent decline in its consolidated net profit at Rs 4 crore in the first quarter of financial year 2024-25. The company had reported a net profit of Rs 57.8 crore in the year-ago period.
The revenue from operations rose 0.4 percent to Rs 638.8 crore in the June quarter as against Rs 636.1 crore in the corresponding period a year ago.
The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 39 percent to Rs 49.4 crore in Q1FY25 as compared to Rs 80.6 crore in Q1FY24. The margin stood at 7.7 percent in the quarter under review as against 12.7 percent a year back.
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