Cravatex Shares Skyrocket 16% as Ashish Chugh's Investment Boosts Stock

15 Jun 2023 , 02:00 PM

The share price of Cravatex experienced a remarkable 16% surge on June 15, following the purchase of 15,000 equity shares by veteran investor Ashish Chugh on June 14. Chugh acquired these shares at an average price of Rs 326.71 each, representing 0.58% of the total shareholding in Cravatex, a renowned retail, brand licensing, distribution, and sourcing company.

At the time of writing, the stock was trading at Rs 435 on the NSE, reflecting a significant 17% increase compared to the previous day’s close. Trading volumes stood at 52,227 shares (approximately), more than 17 times the 20-day average volume, indicating heightened investor interest.

As per Cravatex, it follows a business model that combines identifying opportunities, developing top-quality products, delivering exceptional customer service, and implementing sound marketing strategies.

In the quarter ending March 2023, the company’s consolidated net sales amounted to Rs 83.74 crore, marking a decline of 45.84% compared to Q4FY22. However, its net profit rose by an impressive 370.58% YoY to Rs 3.84 crore. Cravatex attributed its Q3 and Q4 profits to the inclusion of an exceptional item, as stated in its financial results.

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