Shares of Precision Camshafts (PCL) surged 16% in intraday trade on Tuesday, hitting a new 52-week high of Rs 149 on the BSE. Shares of the auto parts company have risen 40% in the past two sessions, compared with a 1% drop in the S&P BSE Sensex.

The stock has soared 67% in the past month. The stock hit an all-time high of Rs 189.50 on February 8, 2022.

PCL was quoted 10% higher at Rs 140.90 at 2:18 pm, while the benchmark index fell 0.4%. The average trading volume on the counter jumped more than 10 times today. A total of 7.1 million shares changed hands on the NSE and BSE, representing 7.5% of the company’s total share capital.

Shareholding pattern data shows that investor Vijay Kishanlal Kedia acquired nearly 1 million shares or 1.05% stake in PCL in the January-March quarter (Q4FY23). The data showed that Vijay Kedia held no or less than a 1% stake in the company by the end of the December 2022 quarter.

PCL primarily manufactures and sells camshaft castings and machined camshafts for the automotive industry and railways.

Its wholly-owned subsidiary, Memco Engineering Private Limited (MEMCO), manufactures fuel injection components for conventional CRDi diesel engines, brake components, high-pressure diesel injector connectors for naval vessels and high-precision instrumentation components. MEMCO has established long-term cooperation with world-renowned customers such as Bosch, Delphi, Endress Hauser and Giro.

“In this changing and evolving business environment, the automotive camshaft market is expected to experience incremental growth. Our strategic business plan is aligned with our focus on the non-camshaft business and capturing a large market share in electric vehicles (EV), PCL is poised to reach new heights,” the company said.

PCL continues to be one of the leading manufacturers of camshafts for passenger cars in the domestic and global markets. The company is one of the few companies in the world that manufactures all four types of camshafts: cast iron, ductile iron, hybrid and assembled. Camshafts are one of the key components in automotive engine applications. PCL produces more than 150 types of camshafts, mainly for passenger vehicles (PV).