Madhusudan Kela’s Wife Buys Sangam (India) Shares, Driving Stock Price Up
Madhuri Madhusudan Kela, wife of well-known investor Madhusudan Kela, has purchased Sangam (India) shares at a price of INR 268 per share. This news has sent the stock soaring, reaching a price of INR 320 in just two days. In the past week, the stock has risen by 15%, in one month by 33%, and in three months by 40%. Over the past three years, the stock has delivered record-breaking returns of 664%.
What is Sangam (India)?
Sangam (India) began its operations in 1984 and is involved in the textile business. They have expertise in producing PV dyed yarn, cotton, and OE yarn. The group has more than 280,000 spindles and 3,000 rotors. The company currently employs approximately 12,000 people. Sangam Group has diversified its business through infrastructure, power, steel, and recently, seamless garments.
Sangam (India) Financial Performance
Sangam (India) reported weak results in the last quarter. The company’s profit for the January-March quarter of the financial year 2021-22 fell by 44.36% compared to the same quarter in the previous year, reaching INR 30.13 crore. The company’s revenue also decreased by 7%, reaching INR 684.70 crore.
Conclusion
Madhuri Madhusudan Kela’s purchase of shares in Sangam (India) has driven the stock price up significantly. The company has diversified its business through infrastructure, power, steel, and seamless garments, providing investors with a range of opportunities. However, the company’s recent financial results were weak, which may be a concern for investors.
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