Shares of this multibagger Ashish Kacholia Stock are trading in the green after SBI Life Insurance bought a fresh stake in the company worth 77.38 crores via open market transactions.
With a market capitalization of Rs 8,962.24 crores, the stocks of Safari Industries (India) Limited started their trading session on Wednesday at Rs 3,790 and currently trade at Rs 3,772, gaining around 0.95 percent as compared to the previous closing levels of Rs 3,737 apiece.
The company’s stock gained a bullish movement after reports mentioning SBI Life Insurance Company buying a stake in Safari Industries. The Insurance company, via open market transactions, bought around 2.05 Lakh shares of the company at an average price of Rs 3,775 per share aggregating to a stake buy worth Rs 77.38 crores.
On the other hand, Investcorp Private Equity Fund II, holding around 1.22 percent stake or 2.89 lakh shares as per June 2023 quarter, sold around 2.14 lakh shares of the company at an average price of Rs 3,775.06 per share.
Mr. Ashish Kacholia, a well-known ace investor based in India, has invested in the company’s stock. As per the quarter ended June 2023, he holds 5.43 lakh equity shares equating to a 2.29 percent stake in the company. The current value of his investment stands at around Rs 205 crores.
Year-to-date, the company’s stock has delivered multibagger returns of 123 percent to its stakeholders. The same means that if someone had invested Rs 1 Lakh into the company’s stock, it would have converted to Rs 2.23 Lakhs within the above-mentioned period.
The latest shareholding pattern showcases the company’s Promoters holding a 47.23 percent stake, and the Foreign Institutional Investors (FIIs) holding a 12.3 percent stake in the company.
Safari Industries (India) Limited is a company based in India that is primarily engaged in the business of manufacturing as well as marketing luggage & luggage-related accessories. Some of the products offered in the company’s portfolio include Backpacks, Laptop bags, Suitcases, and Duffle bags, among others.
Written by Amit Madnani
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