This stock zooms 17% as ace investor Ashish Kacholia picks stake

Faze Three Auto continues to trade on a firm note amid higher than average volume

Shares of Faze Three Auto zoomed 17 per cent to a high of Rs 132 on the BSE on the back of relatively higher volume, after an ace investor bought a stake in the company.

According to BSE bulk deals data, ace investor Ashish Rameshchandra Kacholia bought 450,000 shares at an average price of Rs 288.80 in trades on the BSE on Wednesday. Similarly, Ajay Anand acquired 250,000 shares at an average price of Rs 288.20.

On the other hand, Salim Pyarali Govani sold 734,184 stocks at an average price of Rs 288.92 on the BSE.

The stock continues to trade on a firm note, and was up 13.5 per cent at Rs 128. The counter has seen trades of around 50,000 shares as against the two-week average of 6,150-odd shares on the BSE. Meanwhile, the BSE Sensex was down 0.40 per cent (221 points) at 59,192.

For the quarter ended June 2021, the company had reported flat growth in net profit at Rs 3.11 crore from Rs 3.06 crore in the preceeding quarter. Total income, however, was down 19.9 per cent at Rs 32.4

 crore from Rs 40.48 crore.

Faze Three Autofab Limited is an automotive fabric division of the Faze Three group. The company was erstwhile a joint venture between Faze Three Group and Aunde Achter and Ebels GmbH. The company has been established in 1999 and a leading supplier of automotive fabrics to all major OEMs in India and globally.