Rakesh Jhunjhunwala acquires 3.75 lakh shares of VIP Industries

by khalid on 01/07/2010 · 0 comments

Indian Warren Buffett , billionaire investor Rakesh Jhunjhunwala, have increased its stake in VIP Industries and acquired 3.75 lakh shares representing 1.3% equity stake on 22nd June 2010. Now his total stake in the company has increased to 5.8% of the total issued paid up capital, earlier which was 4.5%.

VIP Industries iis engaged in the business of manufacturing of luggage bags. The company’s manufacturing facilities are located at Nashik, Nagpur, Jalgaon, Satara and Sinnar in Maharashtra and Haridwar in Uttaranchal. It is also engaged in manufacturing of moulded furniture.

The company had reported a net profit of Rs 50.1 crore for the year ended March 31, 2010 against Rs 8.9 crore for the year ended March 31, 2009, up by whopping 462.92%.

This investment in VIP Industries from Rakesh Jhunjhunwala shows up his confidence in company and faith in company’s future growth. Earlier when Rakesh Jhunjhunwala buying news was there in Titan Industries, I was thinking whats great in Titan ? Its just got those watch stores (watches are so common) and moreover it is fully priced. Today Titan is 10 times priced as compared to that time.

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