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    Ashish Kacholia increases stake in this smallcap; stock rises 7%

    Synopsis

    Earlier Kacholia had picked 3,72,128 equity shares or 2.57 per cent stake in the company on August 1 at an average price of Rs 505, amounting to Rs 18.97 crore.

    Ashish Kacholia increases stake in this smallcap; stock rises 7%Shutterstock.com
    Seasoned investor Ashish Kacholia increased his stake in Agarwal Industrial Corporation after buying the stock in August this year.

    According to the bulk deal data from BSE, Kacholia picked up 200,000 equity shares amounting to a 1.38 per cent stake at an average price of Rs 569.89.

    Ashish Kacholia's purchase is valued at Rs 11.4 crore, according to the average price.

    Following the update, shares of Agarwal Industrial Corporation surged 7 per cent to Rs 640 on Thursday.

    Earlier Kacholia had picked 3,72,128 equity shares or 2.57 per cent stake in the company on August 1 at an average price of Rs 505, amounting to Rs 18.97 crore.

    According to these two buys, Kacholia owns 5,72,128 equity shares or a 3.95 per cent stake in the company. However, this shall not be considered the final figures as the company is yet to announce its latest shareholding data.

    Agarwal Industrial Corporation has delivered flat returns in the last six-month period, but the stock is up 60 per cent on a year-to-date basis. The scrip has delivered a return of more than 80 per cent in the last one year.

    Agarwal Industrial Corporation an integrated petrochemical company focussed on Bitumen, which is also known as Asphalt, is a sticky, black, highly viscous liquid or semi-solid form of petroleum.

    Bituminous materials are used for road construction, roofing, waterproofing, and other applications. For the main application, which is road construction, the major concerns, as with concrete, are cost and durability.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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