Vijay Kedia stocks: Ambika Cotton Mills stock up 27% in 2 days as ace investor picks stake in this small-cap textile company
This small-cap textile company shares zoomed over 27 per cent in the last two sessions on the BSE, after renowned investor Vijay Kedia picked stakes in the company on Thursday, February 03, 2022.
This small-cap textile company shares zoomed over 27 per cent in the last two sessions on the BSE, after renowned investor Vijay Kedia picked stakes in the company on Thursday, February 03, 2022.
The stock of Ambika Cotton Mills touched a new record high of Rs 2,642.05 per share, after gaining 15 per cent on the BSE intraday trade on Friday. At around 12:53 pm, the counter is up almost 14 per cent to Rs 2610 per share on the BSE as against 0.34 per cent fall in the BSE Sensex at same time.
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Vijay Kedia had picked 40,007 equity shares representing 0.70 per cent stakes in Ambika Cotton Mills at price of Rs 2,243 per share on the NSE, as per the bulk deals data. Kedia publicly holds 14 stocks with a net worth of over Rs. 623.1 crore as per the latest corporate shareholdings, the stocks analysis website trendline.com mentioned.
The scrip has outperformed the market by surging 60 per cent in the last six months, as compared to 8 per cent rise in the Sensex. While it has zoomed 155 per cent in the previous one year, as against a 16 per cent surge in the frontline index.
The company is into business of manufacturing and selling speciality cotton yarn catering to the needs of manufacturers of premium branded shirts and t-shirts. The company’s exports constitute significant portion of the operations.
Besides, it’s wider range of products in its knitting segment has established the newer markets in knitting segment. This ensures more sustained profitable operations.
Ambika Cotton, during April-December period of the financial year 2021-22, has reported an over three-fold jumped in profit after tax (PAT) at Rs 133.19 crore as compared to Rs 38.98 crore in 9MFY21. It’s revenue grew 51 per cent to Rs 660 crore in 9MFY22, versus Rs 437 crore year-on-year.
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