Cravatex zooms over 30% in 2 days as Ashish Chugh picks stake

In October 2022, footwear retail chain Metro Brands had acquired 100 percent shareholding of Cravatex Brands, a subsidiary of Cravatex Limited

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Share price of Cravatex zoomed 16 percent on June 15, taking the cumulative two-day gain to 31 percent, after veteran investor Ashish Chugh bought 15,000 equity shares on June 14.

These shares were purchased at an average price of Rs 326.71 apiece and are equivalent to 0.58 percent of total shareholding in the retail, brand licensing, distribution and sourcing company.

At 11:30 am, the stock was quoting at Rs 430 on the NSE, up 15.7 percent from previous close. Trading volumes of 52,227 shares at the time, were over 17 times the 20-day average volume.

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According to the company’s website, its model is a ‘combination of spotting opportunities, developing the best product, delivering high quality customer service and providing commercially sound marketing strategies’.

In the quarter ended March 2023, consolidated net sales for the company came in at Rs 83.74 crore, down 45.84 percent from Rs 154.61 crore in Q4FY22. Its net profit stood at Rs 3.84 crore, up 370.58 percent YoY.

The company said in its financial results that its profits in Q3 and Q4 included an exceptional item.

In October 2022, footwear retail chain Metro Brands had acquired 100 percent shareholding of Cravatex Brands, a wholly-owned subsidiary of Cravatex Limited. Cravatex Brands has the exclusive long-term license for Italian sportswear brand FILA, owns sportwear brand Proline.

According to the share purchase agreement, the total consideration for the deal was Rs 202.17 crore.

After the deal announcement, Cravatex stock saw a jump only to correct 15 percent thereafter. The stock saw has seen a sharp upmove in the past three days.

Meanwhile, Metro Brands is up about 10 percent since October 2022. At 12 pm on June 15, it was quoting at Rs 974 on the NSE, higher by 1.35 percent from previous close.