Mauritius-based Aegis Investment Fund had picked up 5 lakh equity shares of Tirupati Forge at an average price of Rs 22 per share, according to NSE bulk deal data. A day later, another fund Maven India picked up 6,50,000 equity shares of the company at an average price of Rs 23 a piece aggregating to about Rs 1.5 crore on Wednesday, the bulk deal data from the exchange showed.

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NSE listed Tirupati Forge is engaged in manufacturing of closed die forged products like auto component bearings gears and forged flanges of mild steel carbon steel stainless steel.

Recently, it had received approval from a US company to buy a mass quantity of Flanges, Forged Fittings and other components and they also appreciated the present set up and facilities of the company.

The company will start the supply of goods in mass for the year 2023, which may result in an increase of approximately 25 to 30% in revenue due to the addition of new customers.

Tirupati Forge had reported a net profit of Rs 4.25 crore with a revenue of Rs 26.53 crore for the quarter ended on September 30, 2022. Its operating profit stood at Rs 4.53 crore.