Shares of Atul Auto surged up over 9% on Monday to hit a new 52-week high of ₹509.
What Happened: The surge today comes as ace investor Vijay Kedia raised stakes in the company. As per exchange data, Kedia Securities purchased 1.7% or 4.3 lakh shares of the company through a bulk deal last Friday.
The average price for the deal was ₹450.14. The total cost of the deal came in at ₹19.35 crore. Prior to this deal, Kedia Securities had 1.23% or 3.23 lakh shares of the company. Now, after the deal, Kedia Securities owns 7.51 lakh shares of the company.
The stock has surged up over 60% since the start of the year. Just in the past month, the stock has climbed up over 35%. The company had reported a loss of ₹9.4 crore in the June quarter.
Price Action: Atul Auto’s share price was up 8.22% to trade at ₹498.70 in early trade on Monday.
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