This auto stock zoomed 54% in 2 weeks on 5 mn warrants issue to Vijay Kedia

Shares of Atul Auto continued its northward movement and surged 12 per cent to hit 52-week high of Rs 289.55 apiece in Friday’s intra-day trade. The stock of commercial vehicles company surpassed its previous high of Rs 270, which it had touched on November 4, 2021.

In the past two weeks, the stock zoomed 54 per cent after the board approved preferential issue of Rs 115 crore worth of warrants to promoters and non-promoters of the company, including investor Vijay Kishanlal Kedia.

“The board approved to issue up to 5.81 million warrants at Rs 198 per share each