Sportking India shares jump 7% after bulk deals

On July 19, Sportking India Ltd witnessed a significant surge of over 7% in its shares, reaching ₹902.80. This surge can be attributed to a series of bulk stake purchases made by distinct stock investors.

An individual investor named Anil Kumar Goel acquired 1,31,558 shares of Sportking India, representing a 1.04% stake in the company. The shares were purchased at an average price of ₹842 per share. Similarly, on July 14, Seema Goel acquired 64,000 shares on behalf of a 0.5% stake in Sportking India at an average price of ₹825 per share.

Sportking India Ltd's stock has seen a remarkable rise from under ₹5 in 2017 to a peak of over ₹1700 in 2022. However, it has struggled to regain its previous peak since then.

Sportking India Limited is a textile manufacturing company that operates as part of the Sportking Group. The company is involved in the production of various yarns, including cotton yarn, synthetic yarn, and blended yarn, as well as fabrics and attires.

In the fourth quarter of FY23, Sportking India reported a decline in net sales. In March 2023, the company's net sales amounted to ₹533.67 crore, reflecting a decrease of 10.06% compared to ₹593.37 crore in March 2022.

Additionally, the company's quarterly net profit for March 2023 stood at ₹30.86 crore, which represents a decline of 70.32% compared to ₹103.96 crore in the same period of the previous year.