- April 7, 2023
Singer India Shares Witness 10% Increase As Rakesh Khanna Takes Over As VC & MD
The stock price of Singer India has been constant since the start of the year.
Rajeev Bajaj has opted to leave Singer India after more than 37 years of service, including 13 years as MD.
With Rakesh Khanna being appointed Executive Vice Chairman and Managing Director of Singer India, shares of the firm were locked 10 per cent upper circuit at Rs 80.82. As of now, 9.49 lakh shares have been exchanged on the counter, more than five times the average trading volume of 1.5 lakh shares for the previous two weeks. According to data, there were 2.45 lakh shares subject to pending buy orders.
Rajeev Bajaj has opted to leave Singer India after more than 37 years of service, including 13 years as MD, to pursue other interests. Khanna, who succeeded him, served as MD and CEO of Orient Electric, a market leader in consumer appliances, with annual revenues of more than Rs 2,500 crore. Along with managing these well-known businesses, Khanna has grown with Sony, Jumbo Electronics, Hitachi, Wipro, and Eureka Forbes.
According to the management, India is expected to have continuous growth in the upcoming years, which will enhance demand for consumer goods. Rakesh has a remarkable track record in institution building, product development, production, and product launch.
The stock price of Singer India has been constant since the start of the year. On the other hand, the stock has grown by 35% over the last year and 22% over the past month. From the stock’s 52-week low on June 20, 2022, when it was priced at Rs. 38.10, it has gained by about 115 percent.
According to the company’s shareholding records, Rekha Jhunjhunwala owned 42,50,000 equity shares, or 6.95% of the corporation, as of February 4. Her share is worth Rs. 34.35 crore. The Corporation has not yet disclosed its holdings for the period ending March 31.
Based in New Delhi Sewing machine maker Singer has been around for more than 170 years. The Indian state of Jammu and Kashmir is home to Singer India’s manufacturing facilities, which are located in Jammu. Under the “Singer” and “Merritt” brand names, it markets its goods. Singer has a presence in the sizable and expanding
Home Appliances
category in addition to sewing machines and their accessories. This segment includes food processors, dry iron and steam irons, mixer grinders, Sandwich makers and toasters, hand blenders, and more.
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