Stock from Madhuri Madhusudan Kela's portfolio has zoomed 54% in 2 months

According to shareholding pattern data, Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela, held 2.94 million equity shares or 5.85 per cent stake in Sangam (India) at the end of Q3

Shares of Sangam (India) surged 7 per cent on BSE to hit a record high of Rs 491 in Thursday’s otherwise weak market amid heavy volumes.

The stock of the textiles and apparel company surpassed its previous high of Rs 488.40 touched on January 8. In the past two months, the stock has zoomed 54 per cent.

The counter saw large trading volumes today with a combined 2.42 million equity shares, representing 4.8 per cent of total equity, changing hands on the NSE and BSE till 11:59 am. In comparison, the S&P BSE Sensex was down 0.73 per cent at 70,541.

According to shareholding pattern data, Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela, held 2.94 million equity shares or 5.85 per cent stake in Sangam (India) as at the end of December quarter (Q4CY23).

On clarification on increase in volume, Sangam (India) on December 5, 2023 had said the movement in share price/volume is purely market driven and owing to the market conditions.

On June 14, 2023, Madhuri Madhusudan Kela had acquired additional 840,699 shares or a 1.67 percent stake in Sangam (India), at an average price of Rs 268 per share.

Prior to acquisition, Madhuri Kela held 4.18 per cent stake in the company, according to disclosure made by the company to stock exchanges.

Sangam (India) has a diversified product portfolio of PV-blended dyed fabric, grey yarn, textured yarn, cotton spun yarn, cotton open-end yarn, fabric processing, cotton knitted fabric, synthetic blended fabric, denim fabric, and garments.

The company’s flagship brands include Sangam Suiting and Sangam Denim. Brand C9 Air Wear has a line of progressive seamless wear for women.

It is one of the niche players in seamless garment manufacturing in India. SIL has a diversified client base across segments and geographies worldwide.

The company’s client portfolio includes brands like Banswara Syntex, Siyaram, BSL, Vimal, RSWM, Arvind, Trident, Marks & Spencer, Reliance Trends, Zivame, Myntra, Lifestyle International, Benetton and Westside, among others.

India is a major exporter of textile and apparel products, with increasing demand from countries, such as USA, Europe, and Japan. This presents opportunities for businesses to expand their exports and tap into the growing global market.

This is supported by the government’s signing of economic cooperation and trade agreements with countries like Australia and the UAE, where now exports face zero duty, the company said in its FY23 annual report.