VST Industries announced that its board will meet on July 25 to consider a bonus issue. Following this news, the company’s stock surged 17.4% on Friday, reaching an all-time high of ₹4,849 on the NSE.
The board will also review the company’s unaudited financial results for the quarter ended June 2024 (Q1 FY25). This announcement has significantly boosted investor confidence, resulting in a notable spike in the stock price.
Year-to-date, VST Industries’ stock has increased by over 42%. Radhakishan Damani holds a 3.47% stake in the company as of the end of the June 2024 quarter, reflecting his substantial investment interest.
Damani’s primary investment vehicle, Bright Star Investments, owns a 25.95% stake in VST Industries. Additionally, Derive Trading and Resorts Pvt. Ltd., where Damani serves on the board, holds a 5.24% stake in the company.
During the June quarter, Damani increased his stake in VST Industries by purchasing an additional 2.34 lakh shares, equating to a 1.5% stake, for ₹86.26 crore at an average price of ₹3,689.96 per share. VST Industries is a prominent cigarette manufacturer in India, with two production facilities in Hyderabad and five major brands: Total, Charms, Moment, Special, and Edition.