Vijay Kedia picks one other 7% stake in smallcap auto inventory

NEW DELHI: Mumbai’s star investor Vijay Kedia has picked up one other 7.05% stake in smallcap Atul Auto by changing warrants into fairness shares.

In response to disclosures made to inventory exchanges, Kedia acquired 16,83,502 shares of the corporate on March 15. Earlier than the acquisition, he held a 1.5% stake and his complete shareholding within the auto firm has gone as much as 8.43%.

In October final 12 months, Atul Auto had allotted 50,50,505 absolutely convertible warrants at a worth of Rs 198 per share to the worth investor. The warrants may be transformed into fairness shares inside 18 months from the date of allotment.

Shares of the Rs 700 crore firm ended 0.36% decrease at Rs 321.15 on Friday. Within the final one 12 months, the inventory has rallied over 86%. From its 52-week low of Rs 145.10, the inventory is up about 112%.

The Rajkot-based Atul Auto had lately forayed into the electrical autos (EV) area by launching cargo and passenger variants of electrical three-wheelers on the Auto Expo.

“The corporate is in the precise place on the proper time and with the precise merchandise. The (EV) pattern has simply began. I’m assured that Atul Auto has made India’s Tesla in three-wheelers,” Kedia had instructed ETMarkets earlier.

The very best goal worth for the inventory goes as much as Rs 380, whereas the typical goal worth estimate is Rs 303, which reveals a draw back of 5.5% from the present market costs, Trendlyne information reveals.The consensus suggestion from 3 analysts for Atul Auto is a robust purchase.

Kedia, identified for recognizing multibaggers at an early stage, publicly holds 15 shares with a web value estimated at over Rs 650 crore. Prime bets embrace Tejas Networks, Vaibhav International, Elecon Engineering and Mahindra Holidays.

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