Atul Auto Share: Shares of Atul Auto, a major player in the Indian three-wheeler market, rose 16.5% to an 8-month high of ₹635 in intraday trade on Tuesday. After hitting a nine-year high in November last year, the stock faced selling pressure and fell 15% by March. However, it rebounded in June and is up 22.38% year to date. After today’s rally, the stock has gained more than 269% in the last two years.
What did the company say?
The company recently informed investors through an exchange filing that it has incorporated a new subsidiary, Atulis Private Limited. This subsidiary will focus on the business of purchasing, acquiring, maintaining, managing and operating vehicles of various types and or offering them for hire, lease, rental or similar arrangements. The company sold 2,331 vehicles in May, a whopping growth of 111.72% compared to 1,101 units sold in the same period last year. It sold 4,023 units in the first two months of the current Q1FY25, marking an improvement of 121.53% compared to 1,816 units sold in the same period last year.
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Veteran investor Vijay Kedia through his brokerage firm Kedia Securities Pvt Ltd held 2.71% stake in the company at the end of March quarter. Besides, Kedia has Atul Auto in its personal portfolio. According to Trendline shareholding data, Cadia holds 18.20% stake in Atul Auto.