Singer India Surges 20% For Second Day After Rakesh Jhunjhunwala's Rare Investments Buys 8% Stake

Shares of Singer India Ltd. surged nearly 20% for the second consecutive session after Rakesh Jhunjhunwala's Rare Investments bought a stake in the sewing machine maker.

Rare Investments bought 42.5 lakh shares in a bulk deal for Rs 53.5 apiece, according to data available on the BSE. Several other firms bought shares too. Singer's parent Retail Holdings (India) B.V. was the major seller. It offloaded 1.2 crore shares at Rs 53.54 apiece.

The Rakesh Jhunjhunwala investment firm now holds around 8% in Singer India.

Shares of Singer India had jumped 20% on Tuesday on reports of the deal. This was confirmed after market hours. The stock jumped nearly 20% on Wednesday as well before closing 14.2% higher.