By Malvika Gurung
Investing.com -- Ace investor Ashish Kacholia has picked a fresh stake in the leading stainless steel tubes and pipes manufacturer Venus Pipes & Tubes Ltd (NS:VENS) during the June 2023 quarter.
As per the latest shareholding pattern of the small-cap company, Kacholia has bought a total of 4,00,000 equity shares of Venus Pipes, translating to a 1.97% stake in the company for the quarter ended June 30, 2023.
At Venus Pipes’ closing price of Rs 1,241.1 apiece on Friday, the renowned investor’s total holding in the steel pipes manufacturer aggregated to Rs 49.64 crore in the June quarter.
The market mogul did not hold any shares of Venus Pipes in the preceding quarter or the March 2023 ended quarter, as his name was absent from the company’s list of individual shareholders as per previous shareholding patterns.
This means that ‘Big Whale’ Kacholia has entered the small-cap stock in Q1 FY24, as companies have to compulsorily release the names of all the shareholders holding at least a 1% stake in the company, every quarter.
Shares of Venus Pipes have been rallying since July 14, 2023, or the past 11 trading days, and have risen over 8% this month.
The small-cap stock has rallied 73.63% so far in the calendar year 2023 and has skyrocketed 221% over the past one-year period, making it a multibagger stock.