Snip in time

Looks like the promoters of Mayur Uniquoters are making the most of the rally in the counter of the country’s largest manufacturer of synthetic leather. Founder-promoter Suresh Kumar Poddar, along with other co-promoters, sold around 900,000 shares in the open market in the last week of March. The stock sale came just a day after the stock hit an all-time high of ₹508 following the company’s move to rope in a private equity partner, Westbridge Capital, via a preferential allotment. The company has also issued bonus shares in the ratio of 1:1. The stock of the mid-cap company has been on a roll, clocking return of 42% in CY13 and 72% in the current calendar year as of April 7. It’s not surprising the Street is bullish on the company. Mayur has managed to dish out a robust performance in recent years, despite the fact that it largely caters to the automobile industry. The company grew four-fold since FY08 to ₹381 crore in FY13. In fact, in the just-concluded FY14, for the nine months ending December 2013, revenues were already around ₹337 crore