Heavy buying & FIIs increase stake: Ashish Kacholia gains Rs 2,78,26,675 in this multibagger stock in just one day; PAT surges over 350 per cent!

Shares of the company gained more than 130 per cent in the last six months.

Shares of Balu Forge Industries Limited gained over 5 per cent on Tuesday. The stock witnessed heavy buying activity from investors on Tuesday. Ace investor Ashish Kacholia holds a 2.11 per cent stake in the company. The company reported robust Quarterly Results for Q2FY24, with revenue increasing by 129.91 per cent YoY to Rs 60.56 crore. The operating profit and PAT grew 233.34 per cent and 382.2 per cent YoY to Rs 34.19 crore and Rs 23.27 crore, respectively.

Ace investor Ashish Kacholia made a killing on Tuesday, gaining over Rs 2.78 crore in profit on his 21,65,500 shares in Balu Forge, which soared by Rs 12.85 per share. The stock has also delivered multibagger returns of over 330 per cent in the past one year.

Also read, Navigating the Swing Trading Landscape: A Comprehensive Guide to Stock Selection, Trade Execution, and Risk Management (Part 2)

Balu Forge Industries Limited is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles. Additionally, FIIs increased their stake in the company in October 2023.

Today, the stock opened at Rs 228.35, with a high and low of Rs 258.00 and Rs 226.00. The stock closed trading at Rs 240.45, up by 5.65 per cent. The stock has a 52-week high of Rs 267.00 and a 52-week low of Rs 53.90.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.