Ambika Cotton Mills share price: Vijay Kedia adds Ambika Cotton to his portfolio after strong Q3; stock rallies 13%

By Jason Junior On Feb 4, 2022

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New Delhi: Shares of Ambika Cotton Mills zoomed 13 per cent in early trade on Friday, led by a strong performance in December 2021 quarter, which attracted veteran investors to add the stock to their portfolios.

The textile player reported a 146 per cent jump in the net profit to Rs 51.85 crore for the quarter ended December 2021 against Rs 21.10 crore profit in the corresponding period last fiscal.

Following the update, shares of Ambika Cotton Mills surged about 13 per cent to Rs 2,589.70, its new 52-week high, before giving up gains marginally to Rs 2,585 at 9.50 am. The scrip settled at Rs 2,298.30 on Thursday.

Income from the operations in Q3 jumped 31 per cent to Rs 252.14 crore against Rs 192.67 crore in the same period the previous year.

Renowned investor Vijay Kedia on Thursday bought 40,007 shares of Ambika Cotton Mills at Rs 2,243.12 per share, according to bulk deal data published by NSE. The transaction is valued at around Rs 9 crores.

Shares of Ambika Cotton Mills have rallied more than 150 per cent the last year, whereas the counter has advanced more than 25 per cent in the last month.

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