Salora International rose 33.5 per cent last week from Rs 26.95 to Rs 33.05 on the back of open market purchases by its promoters. Ayush Jiwarajka, a promoter of the company, hiked his stake to 2.96 per cent from 0.51 per cent by acquiring 216,000 shares from the open market on March 31, 2009.
Another promoter, Tarun Jiwarajka, hiked his stake to 3 per cent from 0.51 per cent in the company after acquiring 220,000 shares from the open market on the same date.
Both the BSE and the NSE saw a combined trading volume of 836,555 shares on March 31 this year, of which 436,000 shares were bought by the two promoters.
The small-cap stock had underperformed the market over one month till April 8, 2009, rising 13.27 per cent as compared to the Sensex’s gain of 29 per cent.
It had also underperformed the market in the last quarter of 2008-09, declining by 30.93 per cent as compared to a 12.05 per cent rise in the Sensex.
Salora International reported a net loss of Rs 2.34 crore in the third quarter ended December 2008 as against a net profit of Rs 4.73 crore in the third quarter ended December 2007.
Net sales also fell 48 per cent to Rs 172.73 crore in the third quarter of FY09 when compared with Rs 332.99 crore in the year-ago period.
