Vijay Kedia portfolio stock up 12% in weak market; zoomed 101% in 10 weeks

Siyaram Silk Mills hit a new high of Rs 937.85, as they rallied 12 per cent on the BSE in Friday's intra-day deal in an otherwise weak market after the company launched Cadini Italy Perfumes in India

Shares of Siyaram Silk Mills hit a new high of Rs 937.85, as they rallied 12 per cent on the BSE in Friday’s intra-day deals in an otherwise weak market after the company launched Cadini Italy Perfumes in India. In comparison, the BSE Sensex was down 0.64 per cent at 80,771, at 09:41 AM.

 

In one month, the Siyaram Silk Mills share price has zoomed 43 per cent, as against the 4 per cent rise in the benchmark index. 

 

Investor Vijay Kishanlal Kedia held 455,000 shares, representing a 1 per cent stake, in Siyaram Silk Mills at the end of September 30, 2024, shareholding pattern data on the exchanges showed.

 

 

In an exchange filing, Siyaram Silk Mills said that it has introduced four exceptional handpicked fragrances: Leonardo’s Secret, Italian Renaissance, Roman Affair and Sicilian Romance. Available in three variants—100 ML, 35 ML and 2 ML—each fragrance is meticulously crafted using hand-picked botanical notes, creating a sensory celebration in every spray and creating an invisible yet unforgettable signature that lingers long after one leaves the room.

 

The exquisite Cadini Italy Perfumes will be available online, allowing customers to explore Cadini Italy's stunning collection across India through its website and social media channels, the company said.

 

Siyaram Silk Mills is amongst India’s most renowned brands and marketers of fabrics, readymade garments, and other textiles products. The company is known for its high-quality fabrics and apparels made using various blends of poly viscose, cotton, wool, linen, bamboo and stretch fabrics. 

 

In addition, the company operates and franchises a chain of retail stores, which offer menswear fashion fabrics, apparel, and accessories. The company sells its products under multiple brands that enjoy high recall value with consumers. They include brand names such as Siyaram, J. Hampstead, Oxemberg, and Cadini.

 

Meanwhile, since October 4, in 10 weeks, Siyaram Silk Mills shares have more than doubled, or zoomed 101 per cent, as the company reported improvement in financial performance for the quarter ended September 2024 (Q2FY25), with revenue from operations at Rs 607 crore, compared to Rs 585 crore in Q2FY24.

 

Profit after tax for the company jumped 11 per cent to Rs 68 crore over the previous-year quarter. Earnings before interest, tax, depreciation and amortisation (Ebitda) grew by 10 per cent at Rs 110 crore; margin improved 80bps to 17.5 per cent as compared to 16.7 per cent in Q2FY24.

 

In Q2FY25, domestic demand gained momentum as we entered the festive season, supported by the destocking of supplier inventories and increased discretionary spending by consumers.

 

To capitalise on the growing demand, the management said the company is expanding its footprint with approximately 30 new fast fashions and ethnic retail outlets by March 2025, of which 12 will be opened by December 2024. The fast fashion outlets, branded ZECODE, will feature the latest collections targeting urban shoppers seeking trendy, affordable apparel, according to them. Further, the company’s ethnic clothing outlets, branded DEVO, will showcase an extensive range of clothing that caters to the country’s rich cultural heritage and style preferences, the management said.

 

Looking ahead, the management is confident that the remainder of the fiscal year will be strong, driven by increasing consumer demand and favourable market conditions, setting the stage for continued growth and success.