Multibagger Stock Hit 20% Upper Circuit After Vijay Kedia Ups His Stake

Precision Camshafts Ltd is a small cap automobile company that recorded a market cap of Rs 2,064.04 Cr during Friday's closing session. During its last trading session, the stock closed at Rs 217.30 apiece logging in an intraday gain of 20%. After renowned investor Vijay Kedia increased his stake in the firm, the shares saw a spike in buying interest on Friday.

According to the company's shareholding pattern for the last quarter (Q1FY24), Vijay Kedia owned 11,00,000 fully paid equity shares or 1.16 per cent stake. However, as of the fourth quarter of the financial year (Q4FY23), he owned 10,00,000 fully paid equity shares or a 1.05 per cent stake in the corporation. Hence, he has increased his stake in Precision Camshafts by 0.11% in Q1FY24.

During Q4FY23, the company reported a consolidated net income of Rs 286.95 Cr compared to Rs 233.57 Cr in Q4FY22. Its expenses stood at Rs 272.66 Cr in March 2023 quarter as against Rs 223.11 Cr in March 2022 quarter. Its EBIT was Rs 14.29 in Q4FY23 compared to Rs 10.45 Cr in Q4FY22. Precision Camshafts said its consolidated net profit was Rs 11.11 Cr in the quarter ended March 2023 compared to Rs 6.97 Cr reported in the quarter ended March 2022. The company is yet to declare its Q1FY24 results.

On Friday, the shares of Precision Camshafts opened today on the BSE at a fresh 52-week-high of Rs 240 apiece logging in a gain of 10.45% during the pre-opening session. The stock made a 52-week-low of Rs 88.41 on (20/03/2023), indicating that the stock has gained 172.46% from its 52-week-low after marking a fresh 1-year high level on Monday.

The stock has produced a multibagger return of 220.74% over the past five years, and a multibagger return of 640% during the past three years. The stock has gone up 90.25% over the past year, and so far in 2023, it has produced a multibagger return of 142.00% on a YTD basis. During Q1FY24, the company reported promoter shareholding of 65.37%, FIIs stake of 0.07%, DIIs stake of 0.12% and public stake of 34.46%.