Atul Auto hits a new high

Atul Auto hit a new 52-week high today at Rs.684.50, with a 2 times surge in volumes. It has come off the highs but remains firmly in the green, up 6% at Rs.673.

This surge is caused by FII buying and usually, when an FII buys into a stock, the counter becomes extremely bullish. Here, Goldman Sachs India Fund and Goldman Sachs Emerging Market Fund together bought 4 lakh shares which is 1.8% stake in the company. They bought the shares at a price of Rs.616.40/share.