Radhakishan Damani buys more shares of this portfolio stock in Q1

According to the recently released stock pattern, Indian veteran investor and billionaire Radhakishan Damani has marginally increased his shareholding in United Breweries Ltd (UBL) through his investment arm Derive Trading and Resorts Private Ltd. during the first quarter of the current fiscal year (Q1 FY23) .

According to United Breweries’ recent stock pattern on the BSE, Damani’s Derive Trading and Resorts Private has a 1.23% or 32.52,378 equity stake in the alcohol-producing company for the quarter ended June 2022, which is higher than 1.21% of its own. assets or 31,95,834 shares he held in the previous quarter of March 2022. Therefore, he bought more than 50,000 shares of UBL in the period April-June.

Beer producer United Breweries Ltd reported a fivefold jump in its consolidated net profit to 162.5 crore in the June quarter, mainly due to volume growth. The company posted a net profit of 30.9 crore in the period from a year ago. United Breweries volumes in the first quarter of the current fiscal year were more than double compared to the Covid-hit quarter year-over-year.

The company’s revenue increased by more than 96% to 5,196 crore during the assessed quarter of 2,652.6 crore in the corresponding period of the previous fiscal. However, the gross margin in the last quarter of June was 408 basis points lower than in the same period a year ago due to inflationary pressures in the prices of barley, packaging materials and crude oil.

Damani runs Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded company sells food, clothing and other consumer products in more than 200 DMart stores across India.

Born in Mumbai, India, Damani made hundreds of millions of dollars investing in the stock market. He left the stock market in 2000 and started building a retail business by buying cheap land in Navi Mumbai. He opened the first D-Mart store in 2002. According to the latest corporate shares filed, Radhakishan Damani publicly owns 6 shares with a net worth of more than 132.68 crore, according to Trendlyne data.

Shares of United Breweries are up more than 5% in 2022 (YTD) so far, compared to a roughly 3% decline in benchmark BSE Sensex over the period, while the stock is up more than 16% in a year .

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