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Atul Auto shares rise 6% on plan to raise funds via rights issue

Atul Auto shares rise 6% on plan to raise funds via rights issue

Atul Auto stock rose 5.95 per cent to Rs 211 against the previous close of Rs 199.15 on BSE. The stock opened with a gain of 2.96 per cent at Rs 205.05 amid a rally in the broader market.

Atul Auto stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 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 6 per cent in early trade today after the firm said that its board would meet on October 8 to consider raising funds via rights issue of shares. Atul Auto stock rose 5.95 per cent to Rs 211 against the previous close of Rs 199.15 on BSE. The stock opened with a gain of 2.96 per cent at Rs 205.05 amid a rally in the broader market. Atul Auto shares have gained 12 per cent in two 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 6 per cent but risen 9 per cent in 2022.

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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 meeting of the Board of Directors of the Company is scheduled on 08/10/2022 ,inter alia, to consider and approve Pursuant to regulation 29(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform the Stock Exchange that the Meeting of the Board of Directors of the Company is scheduled to be held on Saturday, October 08, 2022, inter-alia, to consider and evaluate the proposal for raising of funds by way of a rights issue, preferential issue including a qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, by way of issue of equity shares or any other eligible securities, subject to all such regulatory/ statutory approvals as may be required including the approval of shareholders of the Company," the firm said in a communication to BSE.

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In its monthly update, the firm on October 1 said that sales rose 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 06, 2022, 10:24 AM IST
Posted by: Aseem Thapliyal, Oct 06, 2022, 10:16 AM IST