This Small Cap Company Stock Price Was Locked In 10% Upper Circuit

The share price of Singer India, a small cap company was locked in the 10% upper circuit at Rs 80.82 after the company appointed Rakesh Khanna as Managing Director and Executive Vice-chairman (MD and VC), as per Economic Times report.

Current MD, Rajeev Bajaj has decided to step down from the position after 13 years to pursue other interests. He will be in the company till April 30 to provide transition and support to his successor.

"I have had the pleasure of working with Rajeev for over a decade. During this period, Rajeev re-built the leadership of the company in sewing machines and introduced new products in the home appliances category. I wish him the very best for the future," said PN Sharma, Chairman, Singer.

Before joining Singer, Rakesh has been the MD and CEO of Orient Electric and has also managed leading brands like Sony, Jumbo Electronics, Hitachi, Wipro, and Eureka Forbes.

"Rakesh Khanna is an accomplished leader and strategist, having a consistent track record of achieving business turnaround, and building sustainable high profitability business models," the company said in a filing.

Commenting on the new appointment, Hetal Gandhi, Director (Singer) said, "We are delighted to welcome Rakesh to lead Singer into this next phase of growth in sewing machines and consumer products. Rakesh has an exceptional track record of institution building, manufacturing and launch of innovative consumer products."

Singer is a leading sewing brand and operates renowned brands 'Singer' and 'Merritt'. In addition to sewing machines and its accessories, the company has a presence in the home appliances segment.

The stock price of Singer closed at Rs 80.82 per share, with a growth of 9.99% over previous day's close and its 52-week high and 52-week close is at Rs 98.65 per share and Rs 38.10 per share.