New Delhi, Feb 4 (IANS): Shares of Ambika Cotton Mills hit the 20 per cent upper circuit on Friday.

Ace investor Vijay Kedia reportedly bought nearly one per cent stake in the company through open market on Thursday.

This week, the shares of the company rose over 37 per cent, and 182 per cent in the past one-year period, data showed.

In the past one-year period, benchmark Sensex rose around 16 per cent.

On Friday, the shares settled at Rs 2,762.30, up 20 per cent.

The company is based out of Tamil Nadu's Coimbatore and is engaged in the manufacture of premium quality compact and elitwist cotton yarn for hosiery and weaving.

Its exports constitute roughly 60 per cent of its revenues.

The company was incorporated in 1988 and its four manufacturing units are situated in Dindigul, Tamil Nadu.

The company's revenue from operations rose to Rs 252 crore in Q3FY22, as against Rs 192 crore in the same quarter last fiscal.

Besides, profit after tax or net profits rose to Rs 52 crore, from nearly Rs 21 crore in the same period of corresponding fiscal.