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

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.