Multibagger penny stock under Rs 10 hit upper circuit after signing an MoU with Korea EHT
The stock has given multibagger returns of over 100 per cent from its 52-week low of Rs 4.03 per share.
On Thursday, shares of Kaiser Corporation Ltd hit a 5 per cent upper circuit to Rs 8.16 per share from its previous closing of Rs 7.78 per share. The stock’s 52-week high is Rs 10.65 per share and its 52-week low is Rs 4.03 per share. The shares of the company saw a spurt in volume by more than 2.35 times on the BSE.
Kaiser Corporation Limited announced that its subsidiary, Xicon International Limited, has signed a Memorandum of Understanding (MoU) with Korea EHT. Korea EHT, established in 1989, is a prominent manufacturer of Electric Heat Tracing (EHT) cables with 36 years of experience. They have a significant international presence across the Middle East, Africa, Europe and the USA and are now aiming to enter the Indian market.
Under the terms of the MoU, Xicon International Limited and Korea EHT will jointly explore opportunities in the Engineering, Procurement and Construction (EPC) business, both within India and internationally. Their collaboration also includes plans to cooperate in manufacturing to reduce costs and collectively increase the market share for both companies.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Kaiser Corporation Ltd., established in 1993, is primarily involved in the printing sector, producing labels, stationery, magazines and cartons. The company has diversified its operations into engineering goods, electric and mechanical heat tracing and turnkey projects through its subsidiaries. Its key subsidiary, Xicon International Ltd., specialises in providing electronic and engineering services for pipes, power plants and electronic heat industries, offering comprehensive turnkey project management and system solutions both in India and internationally. Kaiser Corporation Ltd. boasts a robust clientele that includes major players such as BHEL, Tata Power Projects, ONGC, Linde, Indian Oil and Bharat Petroleum.
The company has a market cap of Rs 43 crore. In its annual results, the company reported net sales of Rs 19.80 crore and net loss of Rs 1.97 crore. The stock has given multibagger returns of over 100 per cent from its 52-week low of Rs 4.03 per share.
Disclaimer: The article is for informational purposes only and not investment advice.