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Atul Auto shares zoom 14% after board issues warrants to investor Vijay Kedia

Atul Auto shares zoom 14% after board issues warrants to investor Vijay Kedia

Atul Auto stock rose 14.42 per cent to Rs 244.85 against the previous close of Rs 214 on BSE. The market cap of the firm rose to Rs 453.24 crore.

Atul Auto shares have gained 24 per cent in last four sessions. Atul Auto stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Atul Auto shares have gained 24 per cent in last four sessions. Atul Auto stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Shares of Atul Auto rose over 14 per cent today after the board of the company approved a preferential issue of Rs 115 crore worth of warrants to promoters and non-promoters of the company, including investor Vijay Kishanlal Kedia. Atul Auto stock rose 14.42 per cent to Rs 244.85 against the previous close of Rs 214 on BSE. The stock opened with a gain of 7.5 per cent at Rs 230.05 despite weakness in the broader market. Atul Auto shares have gained 24 per cent in last four sessions. Atul Auto stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In a year, the stock is down 1.92 per cent but risen 20.56 per cent in 2022. Total 0.24 lakh shares of the firm changed hands amounting to a turnover of Rs 49.61 lakh on BSE. The market cap of the firm rose to Rs 453.24 crore. The stock hit its 52 week high of Rs 270 on November 4, 2021 and  52 week low of Rs 145.10 on June 21, 2022.

"The board approved to issue up to 5.81 million warrants at Rs 198 per share each convertible into one equity share of the company within a maximum period of 18 months from date of allotment. The company will allot 5.05 million warrants to Vijay Kishanlal Kedia, and a total 757,575 warrant to promoters, Khushbu Auto Private Limited (656,565 warrants) and Jayantibhai Jagjivanbhai Chandra (101,010 warrants)," Atul Auto said in an exchange filing.

 At the end of June quarter this year, Kedia Securities held 1.47 per cent stake in Atul Auto.

The firm in its monthly update on October 1 said sales climbed 20.15 per cent in September 2022 to 2254 units against 1,876 units in the corresponding month last year. Sales zoomed 78.63 per cent to 11,309 units in the first half (April to September) of this fiscal against 6,331 units in the April September period of the previous fiscal.

Atul Auto Limited is engaged in the manufacturing and selling of three-wheeler automobiles and sale of spare parts of three wheeler automobiles. It offers after sales support to the customers through dealership network.

Published on: Oct 10, 2022, 3:35 PM IST
Posted by: Aseem Thapliyal, Oct 10, 2022, 3:26 PM IST