This Textile Stock Hit Record High After Vijay Kedia Buys Stake In The Firm
Even as the indices have been dragged lower by a margin and small cap stocks performed even worse in trade on February 4, 2022. There is one stock that has hit a record high price of Rs. 2762.3 per share. The stock however settled at a price of Rs. 2739.2 per share.
The spike in the stock price of Ambika Cotton came after ace investor Vijay Kedia added 0.7% stake in the company. The stock’s 1-year return has been at 170.65%. While in just 1-week the stock’s return is at 38%. The bulk deal data shows that the investors acquired 40,007 shares of the company at a price of Rs. 2,243.12 apiece.
Earlier the company came up with its third quarter earnings for Fy 22 with the company’s revenue from operations inching higher to Rs. 252.14 crore. Also, the company’s profits more than doubled on a YoY basis to Rs. 51.85 crore against Rs. 21.10 crore in the same quarter in the year ago period.
About Ambika Cotton Mills:
The company is a manufacturer of cotton yarn.The companys clientele consists of well-reputed manufacturers engaged in manufacturing shirts/knitwear products, both in the domestic and international markets. .The company also in the business segment of Textiles, Windmills.
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Story first published: Friday, February 4, 2022, 17:12 [IST]