Shares of Singer India hit an upper circuit during the trading session on Thursday after the company announced a major change in its leadership. Rekha Jhunjhunwala, wife of late Rakesh Jhunjhunwala, is among the key shareholders of Singer India.
According to the exchange filing, the company has announced the appointment of Rakesh Khanna new the new executive vice chairman and managing director (VC & MD) after Rajeev Bajaj stepped down from his position as managing director of the company to peruse other interests.
Rajeev Bajaj had a 37-year-long stint in Singer India and was the MD of the company for 13 years. His term will end on April 30, 2023. He will support Rakesh Khanna in the transition during the period, who formerly served as the MD and CEO of Orient Electric, a Fortune 500 company in India.
Following the announcement, shares of Singer India were locked in the buyer’s circuit of 10 per cent to Rs 80.82, with a total market cap slightly less than Rs 500 crore. The scrip had settled at Rs 73.48 on Wednesday.
Shares of Singer India have remained flat since the beginning of the year. However, the stock has jumped 22 per cent in the last one month, while it is up by 35 per cent in the last one year. The stock has jumped about 115 per cent from its 52-week low at Rs 38.10 on 20 June 2022.
According to the company’s shareholding pattern on February 4, 2023, Rekha Jhunjhunwala owned 42,50,000 equity shares or a 6.95 per cent stake in the company. Her stake is worth Rs 34.35 crore. The company is yet to file its shareholding for the period that ended on March 31, 2023.
New Delhi-headquartered Singer is a more than 170-year-old brand that manufactures sewing machines. Singer India has its manufacturing facilities in Jammu in the state of Jammu and Kashmir in India. It sells its products under the ‘Singer’ and ‘Merritt’ brand names.
In addition to sewing machines and their accessories, Singer has a presence in the large and growing Home Appliances segment including food processors, dry iron and steam irons, mixer grinders, Sandwich makers and toasters, hand blenders and more.
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