Rakesh Jhunjhunwala stock: This Big Bull-backed footwear company's share price zooms 19% to hit new lifetime high - Details

Rakesh Jhunjhunwala stock: Billionaire investor Rakesh Jhunjhunwala-backed footwear firm – Metro Brands' share price touched a new lifetime high of Rs 762 per share, after gaining over 19 per cent on the BSE intraday on the back of heavy volumes as the company announced record date for final dividend for fiscal 2022-23. 

The Board of Directors, in its Board Meeting on Friday, July 29, 2022, has fixed Wednesday, August 31, 2022, as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of the Final dividend for the Financial Year ended March 31, 2022, Metro Brands said in a filing. 

At around 12:30 PM, shares of Metro Brands were trading around 17 per cent higher to Rs 746.9 per share on the BSE as against a 0.61 per cent rise in the BSE Sensex at around the same time. 

Since its listing on December 22, 2021, the stock has jumped over 51 per cent, while in year-to-date it has gained over 64 per cent on the BSE. The company’s IPO was launched in December 2021, and it had discount listing at 13 per cent to Rs 436 levels on exchanges against Rs 500 apiece issue price. 

Metro Brands is one of the top invested stocks of celebrity investor couple, as Rakesh Jhunjhunwala along with his wife Rekha combined holds about 39,153,600 equity shares or 14.4 per cent stakes in the company, as per June shareholding pattern of the company available on the BSE. 

Rakesh Jhunjhunwala, who is termed as Big Bull of the Indian stock market, along with wife and associates publicly holds 32 stocks with a net worth of over Rs 31,154.3 crore as of August 1, 2022, according to the stock analysis website trendlyne.com. 

The company reported a consolidated net profit of Rs 105.78 crore in the June-end quarter of financial 2022-23 as against a net loss of Rs 12.13 crore in a year ago period, while total income soared over 251 per cent to Rs 517.23 crore from Rs 369.94 crore year-on-year (YoY). 

“We have seen the business continue the momentum that we saw as early as Q3 of FY 22, has stayed through Q4 and now has resulted in the strongest quarter in the history of Metro Brands reflecting the robustness of the operational model and the efforts of the team at Metro Brands,” Nissan Joseph, CEO of Metro Brands said in a release commenting on the performance of the company.