Ashish Kacholia portfolio stock: Ace Investors picks stake in this multibagger forging company; hits 52-week high!
The stock is up by 50 per cent in just 1 month and generated multibagger returns of 140 per cent in 6 months.
On Wednesday, shares of Balu Forge zoomed 6.69 per cent to make a new 52-week high of Rs 168.90 per share from its previous closing of Rs 158.30. At the closing bell, shares of the company are trading at Rs 150.85 per share, down 4.71 per cent.
The company has recently made an announcement regarding the preferential issue of a total of 1,37,27,000 crore equity shares with a face value of Rs 10 each for cash a premium of Rs 105.45 per share total aggregating to Rs 158.48 crore. The issue price is Rs 115.45.
Ashish Kacholia, an ace investor, participated in the preferential issue of shares. He acquired 21,65,500 shares, which represents 2.16 per cent of the total shares issued. In addition to Ashish Kacholia, there were 13 other new companies or individuals who participated in the preferential issue.
Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and forged components.
DSIJ offers a service 'Upstream' with recommendations for contrarian stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the service details pdf here
According to the financials, Balu Forging has a market cap of Rs 1,257.56 crore with a 3-year CAGR of 58 per cent. The net sales increased by 50.42 per cent to Rs 123.78 crore and the net profit increased by 43.27 per cent to Rs 15.24 in Q4FY23 over Q4FY22. The net sales increased by 14.18 per cent and the net profit increased by 30.39 per cent in FY23 over FY22.
The stock is up by 50 per cent in just 1 month and generated multibagger returns of 140 per cent in 6 months. Investors should keep an eye on this Small-Cap stock.