Purple United Sales in focus after FII sells 52,000 shares via bulk deal

Shares of a fashion brand engaged in offering clothing, shoes, and accessories are in focus on Wednesday following a bulk deal, involving multiple entities, including a foreign investor, offloaded a combined 1.3 percent stake in the company, amounting to about Rs. 1.55 crores.

Price Movement

With a market cap of Rs. 120 crores, at 10:29 a.m., the shares of Purple United Sales Limited were trading in the green at Rs. 125 on NSE, up by 0.12 percent, as compared to its previous closing price of Rs. 124.85.

What’s the News

According to the latest bulk deal reported on the NSE, Meru Investment Fund PCC has offloaded 52,000 equity shares in Purple United Sales, representing a 0.54 percent stake, through an open market transaction valued at around Rs. 64.4 lakhs, at an average price of Rs. 123.97 per share.

Additionally, foreign investor Pine Oak Global Fund has also divested 73,000 equity shares, equivalent to a 0.76 percent stake, for nearly Rs. 91.25 lakhs in the company, at an average price of Rs. 125 per share.

Earlier on 15th January, Pine Oak Global Fund offloaded 1.59 lakh equity shares for around Rs. 2.57 crores at an average price of Rs. 161.72 per share. On the same day, Meru Investment Fund PCC sold 51,000 shares for nearly Rs. 83.3 lakhs at an average price of Rs. 163.41 per share.

Also read: Tata Steel & 4 other stocks in focus after Govt proposes 12% safeguard duty on steel

Financials

Purple United Sales reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 66.5 percent, rising from Rs. 25.7 crores in FY23 to Rs. 42.8 crores in FY24.

Similarly, during the same period, the company’s net profit increased from Rs. 1.5 crores to Rs. 4.8 crores, representing an impressive rise of around 220 percent YoY.

About the Company

Purple United Sales Limited is a premium fashion brand engaged in the business of providing a wide range of apparel and footwear choices for kids of all age groups.

Written by Shivani Singh

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Purple United Sales in focus after FII sells 52,000 shares via bulk deal appeared first on Trade Brains.