Radhakishan Damani | Business Upturn

VST Industries shares dip over 3% as Radhakishan Damani sells stake

Aditya Bhagchandani — Wed, 18 Sep 2024 03:50:00 +0000

Shares of VST Industries fell by over 3% on Wednesday morning after investor Radhakishan Damani sold 1 lakh shares, representing a 0.64% stake, via block deals. The shares were sold at an average price of ₹439.19 each. Following this, VST Industries’ stock was trading 2.71% lower at ₹430.95 as of 9:18 am.

Damani previously held a 3.47% stake in the company as of June 30.

In other significant trades, Ambit Investment Advisors acquired 8.61 lakh shares in Menon Bearings, while Nitin Ram Menon, the promoter, sold 9.73 lakh shares. Additionally, Jitendra Mohandas Virwani sold a 1.03% stake in MRO-TEK Realty, and SBI Mutual Fund bought a 1.25% stake in Nuvoco Vistas Corp, which was matched by Kotak Special Situations Fund selling the same.

Radhakishan Damani’s stock VST Industries surges 20% as shares trade ex-bonus

Aditya Bhagchandani — Fri, 06 Sep 2024 04:53:33 +0000

Shares of VST Industries, a prominent cigarette and tobacco products maker, surged 20% on September 6 as the stock traded ex-bonus. The company had announced its first-ever bonus issue, offering 10 bonus shares for every one share held, with the record date set as September 6.

The record date determines which shareholders are eligible for corporate benefits like dividends or bonuses. VST Industries received approval from BSE and NSE to issue and allot 15 crore equity shares as bonus shares.

One of the big winners from this bonus issue is ace investor Radhakishan Damani, who held a 34.7% stake in the company as of June 30, 2024. Earlier, Damani had reduced his holding by 2.26% via block deals just before the announcement of the bonus issue and Q1FY25 results.

Despite this bonus news, VST Industries reported a 3.5% year-on-year drop in revenue for the quarter ending June 2024, posting ₹321.33 crore. Its EBITDA also took a hit, falling 30.4% YoY to ₹73.28 crore.

On the NSE, VST Industries’ stock was trading at ₹486.15 after the 20% jump. Year-to-date, the stock has gained 33%, outperforming Nifty’s 15% rise. Over the past 12 months, VST shares have risen 30%, slightly ahead of Nifty’s 28% gain.

DMart’s revenue up by 46% to ₹9,065 crore in Q3 FY21-2022

News Desk — Sun, 02 Jan 2022 13:25:44 +0000

DMart, one of India’s largest retail chains in India, has posted a revenue of ₹9,065 crores for the quarter ending December Q3 of Financial Year 2021-22. This is a rise of 46% from ₹5,218 crores reported in the same quarter last year.

The revenue from operations for the Quarter Ended December 31, 2021, given above is subject to limited review by the statutory auditors of the company, DMart said in a press release. The total number of stores as of December 31, 2021, stood at 263, which is an addition of 17 stores from the previous quarter. On Friday, DMart shares closed 0.55% at ₹4,665 per piece on NSE. The shares have gained over 60% in 2021.

The staggering rally in the stock has meant that its promoter, Radhakishan S. Damani has broken into the elite club of the top 100 global billionaires in 2021. Avenue Supermarts Ltd, which owns and operates retail chain DMart has reported a jump of 113.2% net profit at ₹448.90 crores during the September quarter.

Promoted by Radhakishan Damani and his family, DMart retails basic home and personal products across markets which include – Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan. Damani now ranked 63rd on the Bloomberg Billionaires Index with $24.6 billion as his net worth.

DMart CEO Ignatius Navil Noronha becomes the richest CEO in India as his net worth crosses the $1 billion mark

Cheryll Jain — Mon, 18 Oct 2021 06:52:32 +0000

Ignatius Navil Noronha, the Chief Executive officer of retail corporation Avenue Supermarkets Ltd., became the richest CEO in India with his wealth crossing the $1 billion mark owing to DMart’s exponential growth in 2021.

With an estimated net worth of Rs.7,744 crores after DMart’s stock price surged on the BSE, Noronha is now is the richest professional manager residing in India. He owns a 2.03 per cent stake in the retail company which amounts to 1,30,74,043 shares.

DMart’s stocks hit a record high of Rs.5,899 on Monday, October 18, after opening at Rs. 5640.00 on the BSE, gaining as much as 10.7 per cent within the day. DMart’s total market cap also crossed Rs. 3.35 lakh crores as its stock has been trading high for seven consecutive sessions, increasing around 40 per cent during the time.

The rise in Noronha’s wealth can be credited to the 19-fold rise in DMart’s share price, the scrip surging over 1,800 per cent from its issue price of Rs.299 when the company was first listed in 2017.

The surge in Avenue Supermarkets’ share price has also made Radhakishan Damani, the founder of Avenue Supermarts, India’s seventh-richest person, with an estimated net worth of Rs 1,54,300 crore, as per the rich list.

DMart has experienced mounting year-on-year growth in 2021 owing to easing lockdown restrictions. It recorded a net profit increase of 113.2 per cent in Q2FY22 at Rs.448 crores. Meanwhile, the total revenue of the retail corporation stood at Rs.7,649.64 crores, an increase of 46.6 per cent from the corresponding quarter last year.

The company is expected to record a further improvement in performance metrics during the third quarter “led by gains from higher footfall given reduction in COVID-19 restrictions, rising consumer confidence due to vaccinations, higher-value sales due to inflation in FMCG and general merchandise, upcoming festive season and more locations and product offerings in DMart Ready,” Prabhudas Lilladher informed the investors in a note.

What is the net worth of Radhakishan Damani?

Shivya Kumar — Sun, 26 Sep 2021 06:49:00 +0000

Radhakishan Damani is an Indian businessman and billionaire investor. He is known to have established the D Mart. Known to have an investment firm by the name Bright Star Investments Limited. In August 2021 he was presented to be one of the richest people in India.

The investor is said to belong to the state of Mumbai. Damani, is a well known financial investor and tycoon, who was brought up in a Marwari family in a single room condo in Mumbai. He concentrated on trade at the University of Mumbai however he dropped out after completing a year. At first during the 1990s during his beginning phase when he came out as a stock market broker and investor he is said to have made many short-selling profits. It was when gradually he became one of the shareholders of the HDFC bank in the year 1995. Then later around the year 1999, he faceted a franchise of a cooperate department store Apna Bazaar. Soon enough he made his quits from the stock listings and established his chain of DMart in 2002. Leading up to around 234 DMart stores in India. He is the fourth richest Indian, with a total net estimated to be around $16.5 billion making him claim a position of 117 across the globe.He is said to have become India’s retail king in March 2017 IPO, when his supermarket chain Avenue supermarket reflected with great accounts.While his flagship company Dmart has seen tremendous growth over the years is set to have a booming surge of surge $4.3 billion in 2021.

He is said to have stocks in companies like VST industries, cement manufacturers India Cements. Then around 1% stake in Andhra Paper. He also has a 15% stake in Indian cement taking his enlisting in India Cements to 19.89%. Damani holds about 6 stocks in his investment portfolio which conjure to the value of approx Rs 1,02,077cr in 2021. He is also said to own 156-room Radisson Blu Resort in Alibag.

The investor is said to have assets such as home properties worth Rs 1,001-crore. The businessman is said to have paid about 30 crores in stamp duty for the property to the Department of Registration & Stamps, Government of Maharashtra. He is also said to own cars like Audi, BMW and Rolls Royce in his collection

The investor is known for his tremendous works and listings around the nation. He is also said to have taught Rakesh Jhunjhunwala about the stock market. He is a well known and personality in India and has been acknowledged for his work.

Some of the other Indians to make into the list of best 100 most affluent people are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.