Ashish Kacholia loses Rs 4,58,88,679 from this small-cap stock in just one day; Company acquires 35.56 per cent stake in Kinam!
The stock is down by 24 per cent in 1 year and over 60 per cent in 2 years.
On Tuesday, one of the Top Losers on BSE, shares of this Small-Cap company plunged 47.90 points or 8.23 per cent to Rs 534.45 per share from its previous closing of Rs 582.35 per share. The stock traded at an intraday high of Rs 587.95 per share and an intraday low of Rs 503.30 per share. The shares of the company saw a spurt in volume by more than 8.71 times on BSE.
As of June 2023, an ace investor, Ashish Kacholia owns 9,58,010 shares or 1.40 per cent stake in the company. As of today’s closing, the stock is down by Rs 47.90 per share from its previous closing as mentioned above.
Hence: 9,58,010 x Rs 47.90 per share = Rs 4,58,88,679 in just 1 day.
Additionally, the company has acquired a majority stake (in a phased manner) in Kinam Engineering Industries (Kinam) as a part of its strategy to strengthen its position further in the specialized process equipment markets with innovative technology. The company has acquired a 35.56 per cent stake in Kinam for the consideration of Rs 79.97 crore and 33,407 equity shares representing 0.5 per cent of the equity share capital of Kinam Enterprises Private Limited (KEPL) for the consideration of Rs 0.03 crore.
Kinam is one of the reputed designers, innovators and manufacturers of Shell and Tube Heat Exchangers, Corrugated Tube Heat Exchangers, Spiral Heat Exchangers, Box Type Heat Exchangers, Pressure Vessels and Process Equipment. Its clients include leading players in the chemical, petrochemical, fertilizers, refineries, power plants, pharmaceutical, biotech, cosmetics and textile industries.
This stock that name is HLE Glascoat Ltd.
HLE Glascoat Ltd is in the business of manufacturing and sales of glass-lined equipment and filters and dryer equipment for various industries in the country. The company has a market cap of Rs 3,650 crore and has a good return on equity (ROE) track record: 3 years ROE 25 per cent.
The company reported positive numbers in its Quarterly Results and annual results. The stock is down by 24 per cent in 1 year and over 60 per cent in 2 years.
Do you own this stock in your portfolio? Do let us know in the comment below.
Disclaimer: The article is for informational purposes only and not investment advice.
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