7 months ago
Balu Forge shares rally 13% after tax search
Balu Forge, a company owned in part by investor Ashish Kacholia, saw its shares go up by 13% in one day.
This happened after the income tax department finished searching the company's offices.
The searches started on January 7 and ended on January 13.
The company said they cooperated fully and no bad documents were found.
The share price had been going down for nine days before this increase.
Even though the shares went up today, they have lost value over the past year.
But in the last 3, 5, and 10 years, the shares have gone up a lot.
Balu Forge shares rallied 13.16% to ₹499.40 after a nine-day losing streak.
Income tax department searches concluded at the company's offices and manufacturing units.
No incriminating documents were found during the searches, and business operations continued as usual.
Ashish Kacholia holds a significant stake in Balu Forge, both personally and through his company, Bengal Finance and Investment.
Despite the recent rally, Balu Forge shares have declined 26% over the past year, but have shown multibagger gains over 3, 5, and 10 years.
- Who
- Balu Forge Industries Limited, Ashish Kacholia
- What
- Income tax department search, share price rally
- Where
- Balu Forge offices and manufacturing units
- When
- January 7 to January 13, 2024
- Why
- Conclusion of income tax search, no incriminating documents found
Key facts
- Company
- Balu Forge Industries Limited
- Share Price Increase
- 13.16%
- Day's High
- ₹499.40
- Last Closing Price
- ₹441.30
- Search Duration
- January 7 to January 13
- Investor
- Ashish Kacholia
- Kacholia's Stake
- 2.87% (1.64% personal, 1.23% via Bengal Finance)
- 1-Year Performance
- -26%
- 3-Year Performance
- 515%
- 5-Year Performance
- 269%
- 10-Year Performance
- 804%
Quotes
Balu Forge
A company that is part of Ashish Kacholia's portfolio
“The Company, its Promoters, and Key Managerial Personnel (KMP) fully cooperated with the officials and provided all documents, clarifications, and details sought by them. No incriminating documents were found or seized by the Department during the operation.”
livemint.com
“At Balu Forge Industries Limited, we adhere to the highest standards of ethical conduct and legal compliance. Our commitment to transparency and belief in the due process of law remain unwavering.”
livemint.com




