Shares of Universal Autofoundry Ltd were locked on the upper circuit for the second day after Ashish Kacholia picked up an 8.54% stake in the company through open market transactions. 

The ace investor Ashish Kacholia picked up 8.54% or 10.34 lakh shares in Universal Autofoundry Ltd through open market transactions at the average price of Rs 161.59 per share on 24 August. 

Himalayan Finance and Investment Company has also bought 10.34 lakh shares of the company for an average price of Rs 168.49 per share. 

According to the reports, promoters and promoter groups who sold their stake in the company included Payal Gupta, who offloaded 9.85 lakh shares at Rs 160 each, Urmila Gupta sold 1.17 lakh shares at an average price of Rs 193.4 per share, Amit Gupta sold 7.71 lakh shares at Rs 160 each, and Kishan Lal Gupta 1.77 lakh shares at Rs 193.4 each. They sold their entire personal holdings and exited the company. 

The iron foundries company also posted a robust quarterly report on 24 August for the April-June quarter with a 6.23% YoY increase and a 132% QoQ increase in net profit at Rs 3.55 crore for the said quarter. 

The company’s revenue from operation saw a 5.91% YoY decrease at Rs 57 crore for the said quarter against the Rs 61.17 crore reported in the year-ago quarter. 

Post the results, the stock was locked on the 20% upper circuit to Rs 193 per share. 

The shares of Universal Autofoundry Ltd were locked on a 19.98% upper circuit at Rs 232.05 on BSE.