Prakash Pipes zips 20% after Dolly Khanna raises stake

Prakash Pipes shares price zoomed to hit a fresh 52-week high of Rs 405.10 on NSE

The Prakash Pipes stock skyrocketed 20 percent on October 16 morning to hit a new 52-week high of Rs 405.10 after ace investor Dolly Khanna increased stake in the company to 3.24 percent from 2.78 percent in the June quarter.

The latest shareholding data shows that Khanna now owns 7.74 lakh shares after buying 1.08,628 lakh shares, or 0.46 percent stake, in the company involved in PVC pipes and fittings as well as flexible packaging business.

Prakash Pipes witnessed heavy buying interest in morning deals.

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Share performance

The counter, which has rallied nearly 138 percent in 2023, has given 158 percent return to its investors in the past six months. The stock is up more than 300 percent in five years.

Q1 results

For the quarter ended June 2023, the company reported a year-on-year (YoY) decline in its net sales at Rs 175.56 crore, down 8.55 percent from Rs 191.98 crore in June 2022. Its net profit fell 26 percent to Rs 18.47 crore.

Prakash Pipes' EBITDA also declined to Rs 24.37 crore in June 2023, down 38.19 percent YoY. Earnings per share (EPS) decreased from Rs 10.44 in June 2022 to Rs 7.72 in June 2023.

At 11.54 am, the stock was trading at Rs 405.10 on the National Stock Exchange,  up 19.99 percent from the previous close.

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