The shareholding data published by Apollo Pipes shows Ashish Kacholia no longer holds more than 1 per cent stake in the company. At the end of June quarter, he held 3.58 per cent or 4,68,969 shares of the firm. He had maintained his stake in the firm at the same level for six quarters.
It could not be ascertained if he completely exited the firm or still owns some shares. Companies are not obligated to publish names of shareholders that hold less than 1 per cent stake.
However, Mukul Agrawal, another value investor known for picking small and midcap multibaggers, held on to his 3.81 per cent stake or 5 lakh shares in the firm.
Apollo Pipes has seen a lot of buying interest in the last few years. In the past 12 months, the stock has returned 349 per cent.
FPIs also cut their stake to 1.91 per cent from 2,70 per cent. On the other hand, mutual funds increased their stake to 9.06 per cent in the quarter, from 7.29 per cent. HNIs hold 17.96 per cent, up from 16.51 per cent and retail investors held 8.86 per cent, down from 13.32 per cent.
The stock is thinly tracked, but those who track the counter believe it has run up too much. According to the Refinitiv database, Apollo Pipes has a median price target of Rs 1,421 in 12 months by three analysts. The most bullish analyst has a target at Rs 2,380 and the most bearish one sees the stock at Rs 1,210.
As of Thursday, the stock was valued at Rs 1949.50.
