Ashish Kacholia bought 17,54,385 shares and Stock Vertex Ventures bought 2,50,000 shares of this multibagger engineering company; stock hits back-to-back upper circuits!
The stock has delivered multibagger returns of over 100 per cent in just 6 months whereas BSE Sensex Index is up by 10 per cent.
On Friday, the benchmark indices ended the day in the green. BSE Sensex Index is up by 0.55 per cent at a level of 65,995.63 and NSE Nifty-50 Index is up by 0.55 per cent at a level of 19,653.50.
Along with the market in green, this auto stock is bucking the trend and trading in the green. Let us know why is this stock trending:
On August 30, 2023, Foreign Institutional Investor (FII), Stock Vertex Ventures bought 2,50,000 shares of the company at an average price of Rs 70.45 per share aggregating to Rs 1,76,12,500 or approx. Rs 1.76 crore.
Additionally, on October 06, an ace investor, Ashish Kacholia brought 17,45,385 shares/warrants of the company at an average price of Rs 114 per share aggregating to Rs 19,89.73,890 or approx. Rs 19.90 crore. A total of 33 people/companies, including Ashish Kacholia, raised Rs 247.58 crore through warrants. The company issued a total of 2,17,18,023 warrants.
The multibagger engineering stock name is WALCHANDNAGAR INDUSTRIES LTD.
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Walchandnagar Industries Ltd is a heavy engineering and project execution company and has diversified business offerings across core sectors with a focus on EPC / turnkey projects, Hi-Tech manufacturing, engineering products and engineering services. The company is a micro-cap with a market cap of Rs 576.61 crore.
According to the Quarterly Results (Q1FY24), the company reported a net sales of Rs 67 crore, an operating loss of Rs 2 crore and a net loss of Rs 11 crore. In FY23, net sales increased by 8 per cent to Rs 522 crore compared to net sales of Rs 299 in FY22. The company reported a net profit of Rs 20 crore in FY23 compared to a net loss of Rs 38 crore in FY22.
On Friday, shares of Walchandnagar Industries Ltd ended the trading session in the green, up 2 per cent upper circuit to Rs 125.45 per share. The shares of the company have hit back-to-back upper circuits in the recent trading sessions.
The stock has delivered multibagger returns of 118 per cent in just 6 months whereas BSE Sensex Index is up by 10.3 per cent. Since its listing which is April 15, 2005, the stock has gained a whopping 400 per cent.
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Disclaimer: The article is for informational purposes only and not investment advice