Vijay Kedia’s textile stock climbed by almost 8 percent to a 52-week high of Rs 635 per share on Friday’s trade after the company revised the share buyback offer to Rs 720 per share against the previous price of Rs 650.
At 10:30 a.m., On the National stock exchange, Siyaram Silk Mills Ltd shares were trading at Rs 613 per share, up Rs 24.20 or 4.11 percent from the previous close price. The company has a market capitalization of Rs 2,873 crore.
According to the company’s exchange filing, Siyaram Silk Mills revised the share buyback price from Rs 650 to Rs 720 per equity share, and the maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 16,61,530 fully paid-up Equity Shares to 14,99,992 Equity Shares, representing 3.20 percent of the Company’s total number of Equity Shares.
The Ace investor Vijay Kishanlal Kedia holds 5,05,000 shares in the company as of the June 2024 quarter, equivalent to 1.08 percent.
Siyaram Silk Mills shares have delivered a return of 31 percent in the previous six months, and a return of 35 percent in a year.
The company’s revenue has decreased by 11 percent year on year, from Rs 399 crore in Q1FY23 to Rs 355 crore in Q1FY24. During the same period, Net profit has significantly decreased by 70 percent from Rs 30 crore to Rs 9 crore.
According to the latest shareholding pattern, The company promoter holds a 67.18 percent stake, Foreign institutional investors hold 2.39 percent of the company, while retail investors hold a 26.14 percent stake.
Siyaram Silk Mills Ltd. is a manufacturer of textiles. It specializes in the production of textiles and ready-to-wear clothes, particularly for men’s wear.
Written by Omkar Chitnis
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