Ashish Kacholia portfolio: Shares of Balu Forge, part of Ashish Kacholia's portfolio, rallied 13% in intraday deals on Tuesday, January 13, snapping their nine-day losing run following the conclusion of the income tax (I-T) department searches at the company's locations.
Balu Forge share price jumped 13.16% to the day's high of ₹499.40 as against the last closing price of ₹441.30, recouping nearly half of the 27% fall the BSE Smallcap stock recorded during the nine days of losses.
I-T searches at Balu Forge premises
Balu Forge earlier today announced that the Income Tax Department conducted a search under the Income Tax Act, 1961, at some of its offices and manufacturing units on January 7, which concluded today.
"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," it said.
The business operations and production of the company continued as usual and were not impacted due to the search, Balu Forge clarified, adding that therefore it does not see any material adverse impact on the financial position of the company.
It added that the company will continue to provide any further clarification or information that may be required.
"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," the company said in the filing.
Ashish Kacholia portfolio
According to the shareholding pattern for the September quarter, ace investor Ashish Kacholia owns a significant stake in the company. Balu Forge is part of Kacholia's personal portfolio and is also owned by his company, Bengal Finance and Investment.
In his personal capacity, Kacholia held 18,65,933 shares, representing a 1.64% stake in Balu Forge, while via Bengal Finance, he held 14,00,000 shares amounting to a 1.23% holding as of Q2FY26. The company is yet to release its December quarter shareholding pattern.
Balu Forge share price performance
Despite today's sharp rise, Balu Forge shares have remained under pressure in the last one year, shedding 26%. However, on a longer time frame of three, five and 10 years, the small-cap stock has offered multibagger gains.
According to BSE data, Balu Forge has rallied 515% in three years, 269% in five years and 804% in 10 years.
Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions.
