Singer India Ltd has recently garnered significant attention in the stock market. The well-renowned investor, Porinju Veliyath, has made substantial purchases in the company’s shares. As per recent shareholding data, Veliyath’s stake in the company was recorded at 1.02% for the July-September quarter. This news had an immediate bullish impact on the stock, pushing it near its upper circuit limit. On a specific Thursday, the stock opened at 102 rupees and soared to 112.40 rupees post the announcement.
When it comes to the company’s other stakeholders, there hasn’t been any noteworthy change in the promoter’s shareholding over the past two quarters. It has remained stable at 31%. Similarly, the stake of domestic institutional investors has been consistent at 5.09%.
In terms of financials, there was a noticeable dip in the profit for the April-June quarter of the 2023-24 fiscal year. The company reported a profit of 0.16 crore rupees, down from 1 crore in the previous quarter. Revenue also saw a slight decline from 109.53 crore rupees to 104.60 crore rupees.
About Singer India Ltd:
Singer India Limited, commonly known as SIL, predominantly operates in two major business segments: sewing products and home appliances. Founded by Sir Isaac Merritt Singer in 1851, the Singer Sewing Machine Company has held a top position in the sewing machine industry for over 170 years. The company set its footprint in India in 1871 and has since become synonymous with sewing across the nation. Continuing its illustrious journey, it was acquired by “Indian Sewing Machine Company Limited” in 1977. Later, it was rebranded as “Singer India Limited”, as we know it today, with its headquarters based in New Delhi.
A Glimpse at Porinju Veliyath:
Porinju Veliyath stands out as a distinguished investor and runs Equity Intelligence India, a portfolio management service. Hailing from Kerala, Veliyath is the founder of Equity Intelligence India and holds immense popularity among small-scale investors. He is often dubbed the “King of Small-cap Shares”. Veliyath’s stock portfolio is estimated to be worth more than 200 crore rupees.
