Shares of Singer India were locked in a 10% cap at Rs 80.82 in intraday trade on Thursday after the appointment of Rakesh Khanna as executive vice chairman and managing director (VC & MD). The stock has risen 36% over the past five sessions.

Average over-the-counter volume jumped more than fivefold, as about 949,000 shares had changed hands, compared with an average of just under 150,000 over the past two weeks. Pending buy orders stood at 245,000 shares, the data showed.

After over 37 years with Singer India and 13 years as Managing Director, Rajeev Bajaj has resigned to pursue other interests.

“The board has considered and accepted his request. Mr Bajaj will remain with the company until April 30, 2023, to provide transition and support to his successor,” the company said.

His successor, Khanna, is the MD and CEO of Orient Electric, a leader in consumer appliances with over Rs 2,500 crore in revenue. Khanna has also grown with and managed leading brands such as Sony, Jumbo Electronics, Hitachi, Wipro and Eureka Forbes.

Singer India is a long-standing player in the Indian sewing industry with renowned brands ‘Singer’ and ‘Merritt’. In addition to sewing machines and accessories, Singer also has a presence in the growing white goods segment.