Shares of Atul Auto Ltd rose 12.5% ​​in morning trade on April 3 after the three-wheeler maker reported a sharp surge in total monthly sales.

The stock was trading at Rs 346 on the BSE at 10:40 am, up 11% from its previous close, while the benchmark Sensex rose 0.01% to 58,988. This year, Atul Auto is up 24%.

The company reported sales in March rose 114.56% to 3,154 vehicles from 1,470 a year earlier. In the 2022-23 financial year, the company’s sales will increase by 59% to 25,549 vehicles from 16,061 vehicles in the previous year.

Veteran investor and Atul Auto director Vijay Kedia raised his stake in the company to 8.4%, the company told bourses. Kedia converted warrants, which he issued in October 2022 at Rs 198 per share, increasing his stake by 7.05 percentage points from the 1.35% held through Kedia Securities.

The company manufactures passenger cars and vans that run on various fuels, including compressed natural gas, liquefied petroleum gas and electricity. The company’s website says it operates in more than 21 states, with 200 primary networks and 130 secondary networks.

In Q3FY23, the company’s revenue rose 32% year-on-year to Rs 124 crore. Its EBITDA rose to Rs 8.5 crore from a loss of Rs 7.5 crore a year earlier.

The company was recently selected by government agency Convergence Energy Services Limited (CESL) as one of the suppliers for its tender for 1 lakh units of 3W electricity.