7 months ago

Balu Forge shares rally 13% after tax search

Balu Forge shares rally 13% after tax search
Ashish Kacholia portfolio: Balu Forge shares snap 9-day losing run, rally 13% despite income tax search · livemint.com

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.

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

Sources

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