Atul Auto Shares Surge Over 12% After Vijay Kedia Hikes Stake

Shares of Atul Auto Ltd. surged over 12% after ace investor Vijay Kedia increased his stake in the company.

Kedia increased his stake from 7.055 to 13.70% to hold 35,69,024 shares in the company, according to data available on BSE Ltd., leading market participants to speculate that Kedia is positive on the stock.

According to Bloomberg data, Kedia was holding 16,83,502 shares as of March 2023, which represented a 7.05% stake in the company.

Shares of the company surged 9.30% to Rs 364.95 apiece as of 11:06 a.m., compared to a 0.32% gain in the Nifty. The scrip rose as much as 12.29%, the most since April 3.

The total traded quantity so far in the day stood at 13.2 times the 30-day average volume. The relative strength index stands at 64.42.

Of the three analysts tracking the stock, two maintain a 'buy' and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 11.7%.