Ambika Cotton Mills at record high after ace investor Vijay Kedia picks stake

The cotton yarn manufacturer clocked a 145.7 percent year-on-year growth in profit at Rs 51.85 crore in the December quarter

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Ambika Cotton Mills share price spiked 20 percent on February 4 to hit a fresh record high of Rs 2,760 on the National Stock Exchange after ace investor Vijay Kedia picked a 0.7 a percent stake in the company.

At 2.52 pm, the stock was trading at Rs 2,665.30, up 15.76 percent, with a volume of 5.4 lakh units on NSE. The stock has given more than 400 percent return in the last 22 months.

Investor Vijay Kedia on January 3 acquired 40,007 equity shares in Ambika Cotton Mills, representing 0.69 percent of the shareholding, bulk deals data shows. Kedia bought these shares at Rs 2,243.12 apiece.

The stake buy seems to have happened after the company released its December quarter earnings.

The cotton yarn manufacturer clocked a 145.7 percent year-on-year growth in profit at Rs 51.85 crore for the quarter ended December 2021, the company said in BSE filing.

Revenue during the quarter grew by 14.3 percent year-on-year to Rs 252.14 crore from Rs 220.50 crore in the corresponding period of the last fiscal.

On a sequential basis, the company recorded a 14 percent growth in profit and a 31 percent growth in revenue in Q3FY22.