Shares of Asahi India Glass jumped up close to 4% today to hit an intraday high of ₹485. As per the latest shareholding data, ace investor Nemish Shah holds a substantial stake in the company.
The stock has shown some signs of recovery this week as the shares of the company have jumped up close to 5%. The company has been having a tough time at the bourses as the stock has gone down by 9% since the start of the year.
Talking about the company’s financials, its numbers for the March quarter failed to meet expectations. The company’s consolidated revenue from operations was up 13.64% year-over-year at ₹1,072.4 crore. The company’s net profits on the hand fell by 46% YoY to ₹68.9 crore.
After the disappointing numbers, domestic brokerage firm ICICI Securities downgraded the stock’s rating from ‘add’ to ‘hold’ revising the price target to ₹468 from ₹558.
However, with the signs of recovery this week, let’s see how the glass manufacturer added ₹35 crore to Nemish Shah’s net worth today.
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Shah owns a total of 14,482,818 shares, which is 5.95% of Asahi India Glass Limited. Given the rise in the share price, the value of his stake has seen a considerable increase. Yesterday, the value of his stake was approximately ₹667.36 crore, when the stock closed at ₹460.80. Today, with the surge in the share price, the value of his stake has gone up to ₹702.41 crore. This translates to an increase of around ₹34.8 crore in just one day.
Price Action: Asahi India Glass Limited’s share price was up 5.25% to trade at ₹485 in the late hours of trading today.
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Editor's Note: Artificial intelligence was used as a secondary aid in the writing of this story.
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