Vijay Kedia’s favourite stock is trading strong amid weak market sentiments

The stock is up 3.54% on August 29 

According to June filings, ace investor of India, Vijay Kedia decreased his stake in Ramco Systems Ltd and Tejas Network Ltd. Holdings in Ramco Systems was reduced from 2.4% before June quarter to 2% at the end of the June quarter, while his stake in Tejas Network decreased from 3.4% to 2.6%.  

Vijay Kedia has also done some shopping recently. He has bought additional shares of Elecon Engineering Company Ltd and Vaibhav Global Ltd. In Elecon Engineering, he has increased his stake by 0.7% from 1.2% to 1.9%. While the stake in Vaibhav Global Ltd has been increased to 2% from 1.9%. 

Vaibhav Global Ltd is trending today on the stock market. On August 29, the Indian markets are bleeding. At 10:39 am, the S&P BSE Sensex is trading at 57995.28, 1.43% lower from its previous close. Despite this weak market, the shares of Vaibhav Global are trading strong at Rs 320.35, 3.54% higher than its previous close. Vaibhav Global was in news last week regarding its promoter group, Brett Enterprises, buying 4000 shares of the company. 

The company is involved in the business of gems, jewellery, watches, and other lifestyle products in the global retail space. It has a strong presence in US and UK and operates 32 private label brands under its business. 

In FY22, the company’s revenue stood at Rs 2,752 crore, while net profit remained at Rs 238 crore. As per the June quarterly ending, the company has an ROE and ROCE of 14% and 22%, respectively. 

About the shareholding pattern, 57.96% of the stake is owned by the promoters, 10.71% by the FIIs, 18.38% by DIIs, and the rest 12.95% by the non-institutional investors. 

The company has a market capitalisation of Rs 5268 crore and belongs to S&P BSE 500 index. Its stock is trading at a TTM PE of 40.75x. The scrip has a 52-week high and low of Rs 804.55 and Rs 288, respectively.