Shares of Precision Camshafts surged around 16 percent on April 17 after the latest shareholding data at the end of the March quarter revealed that ace investor Vijay Kedia has picked up a stake in the small-cap company.
As per the company's latest shareholding data on BSE, Kedia owns 10 lakh shares or a 1.05 percent stake in the company. A publicly listed company is required to disclose the identities of individual investors who hold a stake of 1 percent or more in accordance with shareholding regulations.
Kedia's name did not appear in the company's shareholding data for the quarter ended December, which means that he must have either bought the entire stake sometime through the fourth quarter or consistently increased his holding to over one percent through multiple quarters. However, more details on the stake sale could not be ascertained by Moneycontrol.
The news of the stake buy boosted investment confidence on the stock and triggered strong buying. As a result, shares of Precision Camshafts notched strong gains post opening and at 01.38 pm, were trading at Rs 122.50 with gains of 15.02 percent on the National Stock Exchange.
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Some 19 lakh shares of the company changed hands on the exchanges, as against the one-month daily traded average of two lakh shares.
The small-cap company is one of the largest camshaft manufacturers in the world and supplies camshafts to major original equipment manufacturers (OEMs). The stock has been a multibagger, flushing out 285.76 percent returns over the the last three years. In the past month as well, the stock has gained around 37 percent.
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