Megastar Foods, a multibagger stock, on Wednesday hit its upper circuit limit for the second straight day, as shareholding data suggests seasoned investor Ashish Kacholia bought 1.04 per cent stake in the food processing company in the quarter gone by.
On Wednesday, the scrip hit its 5 per cent upper circuit limit at Rs 224.75 on BSE. This was in addition to a 5 per cent jump in the previous session. The stock saw a total volume of 3,475 shares on BSE in the first 15 minutes of trade against a two-week average of 4,306 shares.
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Kacholia bought 1,03,666 shares in the Punjab-based company in September quarter, which are valued at Rs 2.3 crore, as of today. The company released its September quarter shareholding data on Tuesday.
Megastar Foods commands a market capitalisation of Rs 224.83 crore.
Data showed the scrip has risen 440 per cent in the last one year and almost 600 per cent (598 per cent) in the last two year. In 2022 only, it is up 300 per cent. From a 52-week low of Rs 39 on 10 December 2021 to a 52-week high of Rs 228.90 on September 15, the scrip rallied a whopping 486 per cent.
Megastar Foods is engaged into bulk food processing, producing a wide range of wholesome wheat flour products. As per its website, the company has an annual installed capacity of 1,00,000 metric tonnes.
Incorporated in November 2011, the company started its operations in October 2013. It got listed on BSE’s SME platform on May 24, 2018.