Sportking India shares jump 7% on bulk deals

Sportking India

Sportking India Ltd shares rallied over 7 percent to Rs 902.80 around at 9:30am on July 19 after  a series of bulk purchases of stakes by individual investors in the stock.

Anil Kumar Goel, an individual investor, picked up 1,31,558 shares, accounting for a 1.04 percent stake in Sportking India Ltd, at an average price of Rs 842 per share. On July 14, Seema Goel purchased 64,000 shares, representing a 0.50 percent stake in Sportking India, at an average price of Rs 825 per share.

Interestingly, from trading at under Rs 5 in 2017, the stock skyrocketed to a peak of over Rs 1700 in 2022. However since then the stock is struggling to resurge to its peak.

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Sportking India Limited, a textile manufacturing company and a part of the Sportking Group, is engaged in the production of various yarns (such as cotton yarn, synthetic yarn, and blended yarn), fabrics, and garments.
In Q4FY23, Sportking India reported net sales at Rs 533.67 crore in March 2023, down 10.06 percent from Rs 593.37 crore in March 2022.

And, quarterly net profit stood at Rs 30.86 crore in March 2023, down 70.32 percent from Rs. 103.96 crore a year back.