Promoter Sudhir Mohanlal Jatia sold 1,87,500 shares, or 0.84% equity, of Safari Industries (India) at Rs 560.03 per share on the BSE on Tuesday.
As on 30 September 2019, Malabar India Fund held 8.66% stake, while Sudhir Mohanlal Jatia held 47.38% in the molded luggage maker. Total promoter holding stood at 57.56% in the company.
Meanwhile, the S&P BSE Sensex rose 172.69 points or 0.43% to end at 40,412.57.
On the technical front, the stock's RSI (relative strength index) stood at 59.357. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 574.34, but still below its 200 DMA placed at Rs 631.83.
Net profit of Safari Industries (India) rose 29.82% to Rs 8.01 crore on 31.07% rise in net sales to Rs 169.76 crore in Q2 September 2019 over Q2 September 2018.
Safari is in the business of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e hard luggage and soft luggage. Hard luggages are mainly made of Poly Propylene (PP) and Poly Carbonate (PC) and manufactured in-house by Safari at its plant located at Halol, Gujarat. Soft luggages are made of fabrics of various kinds and are mainly imported by Safari.
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