After the beginning of Q1 results of FY 2023-24,retail investors are assessing the portfolios of ace investors to determine the direction in which smart money circulated in the previous quarter. Here is a stock that rose after the announcement that Vijay Kedia increased his position in the first quarter of FY2023.
Atul Auto Ltd, one of Gujarat’s largest manufacturers of three-wheeled commercial vehicles, witnessed its shares jump 12 percent on Monday, to an intraday high of Rs 374.95 per share.This happened after Vijay Kedia increased his stake in the company in the first quarter of FY 23-23 and stock closed at Rs 368.65 per share, a 10.41% rise from the previous close price.
According to Atul Auto Ltd shareholding pattern for the April to June 2023 quarter. Ace investor Vijay Kedia’s stake in company has increased to 35,69,024 shares, representing 13.70% of the company’s total paid up capital,However, from January to March 2023, Vijay Kedia had 16,83,502 shares, accounting for 7.05 percent of the automaker’s total paid-up capital.
Atul Auto manufactures and sells Auto Rickshaws in the domestic and foreign markets, and the company’s vehicles are sold under the KHUSHBU brand.
In the previous year, the company’s share price has risen from Rs 173.35 to current levels, giving 113% multibagger gains. As a result, if an investor purchased 1 lakh shares of a company in the previous year, their holdings are now worth 2.13 lakhs! And the stock has risen 27.48 percent year to date.
Revenue grew by 63 percent year on year to Rs 513 crore in FY 22-23 compared to the previous year. Within the same time period, net profit increased by 112 percent to Rs 3 crore.
Currently, the promoters own 49.48 percent of the firm, while retail investors own 48.86 percent.
Written by Omkar Chitnis
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