Vadilal's stock price up by more than 4% today

9 Dec 2022 , 02:39 PM

In early Friday trade on the BSE, Vadilal Industries (VIL) shares soared more than 4% to reach an intra-day high of Rs 2739.55 before the company lost half of its gains.

After the company’s board of directors approved the purchase of the “Vadilal” brand from its promoter group business Vadilal International on Thursday, swift action was taken. The share price of Vadilal Enterprises increased by more than 4% as well, reaching an intraday high of Rs 2,689 before losing some of its gains.

The Gandhi family of Ahmedabad owns the eight-decade-old Vadilal Industries. A total of 65% of the company is owned by the promoters, of which 39% is held through Vadilal International. Rajesh, Devanshu, and Virendra Gandhi, three of the company’s promotors, had 3.17 %, 4.81 %, and 2.21 % stakes, respectively, as of the September quarter (Q2FY23).

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