Safari Industries shares turned ex-bonus, rose over 12% today; check details

Shares of Safari Industries (India) Ltd gained over 12% as the firm turned ex-bonus on Tuesday. The firm declared bonus issue in the ratio of 1:1. Safari Industries stock gained 12.56% to Rs 2215.85 against the previous close of Rs 1968.55 on BSE. Market cap of the firm rose to Rs 10,148 crore. Total 0.44 lakh shares of the firm changed hands amounting to a turnover of Rs 9.37 crore on BSE. Later, the stock closed 9.07% higher at Rs 2147 on BSE.

The multibagger stock fell to a 52-week low of Rs 788.23 on December 26, 2022 and a 52 week high of Rs 2299.98 on November 21, 2023. The stock clocked multibagger returns of 656% in three years and 152.12% this year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 32.6, signaling it's neither trading in the overbought nor in the oversold zone. Safari Industries stock is trading higher than the 10 day, 50 day, 100 day and 200 day but lower than the 20 day and 30 day moving averages.

Safari Industries reported a 53.7% rise in consolidated net profit to Rs 39.8 crore for the September quarter of FY24 against Rs 26 crore in the September 2022 quarter.

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Revenue of the company climbed 18 percent to Rs 370.02 crore in Q2FY24 against Rs 314 crore in the year-ago quarter.

The Board of Directors declared and approved an interim dividend of Rs. 2.50 per equity share of Rs. 2/- each for the financial year 2023-24.

Safari Industries (India) is primarily engaged in the manufacturing and marketing of luggage and luggage accessories. The company's products include luggage and backpacks. Its luggage categories include hard luggage, soft luggage, lightweight luggage and TSA luggage.

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