Billionaire investor Rakesh Jhunjhunwala raises stake in VIP Industries; shares jump by 10%
Shares of VIP Industries surged as much as 10.4% on Monday to ₹234.8 on BSE after ace investor Rakesh Jhunjhunwala hiked his stake in the company by 2.85 lakh shares during the January-March quarter of FY20, BSE data showed. According to shareholding pattern disclosed to stock exchanges post market hours on Friday, Rakesh Jhunjhunwala increased his stake in the company to 5.31 per cent in the March quarter from 5.11 per cent stake in VIP Industries in Q3FY20.
In Q4FY20, Jhunjhunwala held 75,00,400 shares of VIP Industries against 72,15,400 shares held at the end of Q3.
VIP Industries manufactures an array of products in luggage and travel accessories under brands like VIP, Aristocrat, Alfa, Footloose and Skybags. Despite today's rally, shares of VIP industries are down more than 50% since hitting its 52-week high of ₹519 in February as the coronavirus crisis has brought the travel industry to a standstill.
The VIP Industries stock volume jumped more than 1.56 times and was trading with volumes of 32,835 shares, compared to its five-day average of 13,203 shares, an increase of 148.69 per cent.
Mutual funds also increased their stake to 10.40% in the January-March quarter, from 9.13% stake in the company as of December 31 last year. VIP Industries had reported a consolidated net profit of ₹34.21 crore for the quarter ended December 2019.
