Mutlibagger rises 13% to hit new 52-week high after fund action

Shares of Tirupati Forge rallied over 13% to hit a 52-week high on Wednesday, following the fund action in the previous trading session.

Mauritius-based Aegis Investment Fund picked up 5 lakh equity shares of Tirupati Forge at an average price of Rs 22 per share on Tuesday, according to NSE bulk deal data.

The NSE listed Tirupati is engaged in manufacturing closed die forged products like auto component bearings gears and forged flanges of mild steel, carbon steel, and stainless steel among other products.


Following the fund buying, shares of Tirupati Forge zoomed over 13% to Rs 25, its new 52-week high, before giving up its gains marginally. The stock settled at Rs 22.05 in the previous session.

More action from Maven
Another fund Maven India picked up 6,50,00 equity shares of the company at an average price of Rs 23 apeice aggregating to about Rs 1.5 crore on Wednesday, the bulk deal data from NSE showed.

The company recently received approval from a top USA top leading company to buy a mass quantity of Flanges, Forged Fittings, and other components and they also appreciated the present setup and facilities of the company.

However, it did not disclose the name of the US-based entity but told the bourse that the approval will increase its revenue roughly by 25-30% after onboarding the new customer.

On the international front, the Gujarat-based Tirupati Forge is eyeing to export products in Italy and Morocco other than the US.

The stock delivered a return of over 175% in the last six months, rising from its 52-week lows of Rs 9.05 in June 2022. The scrip is up by 130% since last year.

The company reported a net profit of Rs 4.25 crore with a revenue of Rs 26.53 crore for the quarter ended on September 30, 2022. Its operating profit stood at Rs 4.53 crore.

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