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Ronnie Screwvala picks up 1% stake in luggage maker Safari

Soumik Kar

Safari Industries, the country’s third-largest luggage player with 10% market share, after leader VIP Industries and Samsonite, has had a phenomenal run on the Street over the past one year. The stock has gained 144% to Rs.540 level against the Sensex’s 21% return — that is after the stock has come off its 52-week high of Rs.664, hit in December 2017.

The rally in the stock was largely driven by the company’s sharp turnaround. Safari’s topline has shown 40% CAGR to Rs.355 crore as of FY17, while profit has galloped from Rs.1 crore to R

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