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Smallcap stock rallies after investor Ashish Kacholia picks large stake

Kacholia is known for spotting quality stocks in smallcap and mid-cap segments.

ETMarkets.com|
Sep 24, 2019, 06.19 PM IST
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Shares of Apollo Pipes rallied nearly 6 per cent on Tuesday after value investor Ashish Kacholia bought 2.33 lakh shares in the smallcap firm.

The scrip ended at Rs 401.65, higher by Rs 21.75 or 5.73 per cent, while the benchmark BSE Sensex ended flat.

Kacholia picked up 2,33,513 shares at Rs 375 per share on Monday, bulk deal data on the BSE showed.

Canara HSBC OBC Life Insurance Company sold 1,40,000 shares at Rs 375 per share.

Investor Mukul Mahavirprasad Agrawal held 4,00,000 shares, or 3.05 per cent stake, in Apollo Pipes as of June 30. Mutual funds and FPIs had 8.10 per cent and 6.82 per cent stake, respectively, in the company.

The company reported 11.70 per cent year-on-year rise in net profit at Rs 9.83 crore for the quarter ended June 30 against Rs 8.80 crore profit posted for the same period last year. Revenues for the quarter jumped 16 per cent YoY to Rs 117.35 crore.

Apollo Pipes manufactures a wide variety of pipes and related products used for civil infrastructure, industrial, agriculture, building and construction purposes.

Kacholia is known for spotting quality stocks in smallcap and mid-cap segments of the market.

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