Top investor Porinju Veliyath has increased his stake in Kerala Ayurveda by 164 bps to 4.82% in the quarter ended December 30, 2023. At the end of the September quarter, he held 3.18% stake in the company. The value of his holding is nearly Rs 17 crore, Trendlyne data said.

The smallcap counter has delivered multibagger returns of over 200% in the past 12 months, which is significantly higher than Nifty itself, which has delivered impressive returns of over 23% during this time.

Kerala Ayurveda offers healing and wellness solutions along with over 350 classical and proprietary formulations as per the claims made by the company on its official website.

On Monday, the stock jumped 5% to hit its 52-week high of Rs 329.75 on the BSE. With Monday’s price action, the stock’s trade moved further into an overbought zone. Momentum indicators RSI and MFI reported by Trendlyne hovered around 79 and 87, respectively.

The recent rally has ensured that the stock trades above its 50-day and 200-day simple moving averages (SMAs).

The rally has been broadly one way which has lent stability to the stock with its 1-year beta at 0.5%, considered low in volatility parlance.

KAL consolidated revenue was up 16% year-on-year in H1 of FY 2023-24 to Rs 51.48 crore. The company registered a 49% jump in India/US e-commerce and health service businesses. The company in its November 14, 2023, filing had said it was in the process of restructuring its 50:50 JV to consolidate Ayurvedagram Bali revenue.

Citing latest corporate shareholdings filed, Trendlyne suggests that Porinju Veliyath publicly holds 14 stocks with a net worth of over Rs 219.2 crore. Other than Kerala Ayurveda, Veliyath holds stakes in PG Foils, Centum Electronics, Kaya, Max India, Shalimar Paints and Singer India.

(Subscribe to ETMarkets WhatsApp channel)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)