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Multibagger Stock Locked at 20% UC As Ashish Kacholia Picks 8.5% Stake

Published 25-08-2023, 12:28 pm

By Malvika Gurung

Investing.com -- Shares of the iron foundries company Universal Autofoundry Ltd (BO:UNVE) were locked in a 20% upper circuit of Rs 232.05 apiece on Friday, which is also the stock’s new all-time high value.

The stock has hit a 20% upper circuit for the second day in a row, and maintained its rally streak for the fifth consecutive session, jumping 56.4% in the period.

The iron casting manufacturing stock hit a new peak after ace investor Ashish Rameshchandra Kacholia bought an over 8% stake in the company on August 24, 2023.

As per BSE data, Kacholia picked a total of 10,34,353 equity shares of Universal Autofoundry in a bulk deal on Thursday, translating to an 8.54% stake in the company. The shares were acquired at an average price of Rs 161.59 apiece.

At this share price, the market mogul’s total holding in the leading iron-casting manufacturer stood at Rs 16.71 crore. 

The investment firm Himalaya Finance & Investment Company also bought the same number of equity shares, i.e., 10,34,353 shares of Universal Autofoundry through open market transactions on August 24, 2023, at an average price of Rs 168.49 apiece.

Universal Autofoundry’s shares have soared 118.6% so far this year and are up over 101% in a year, making it a multibagger stock.

Further, the small-cap company will conduct a meeting of its Board of Directors on Tuesday, 29% August 2023, to consider a fundraising proposal by way of the issue of equity shares or any other instrument, and approve the notice for calling its Extra Ordinary General Meeting (EGM).

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