1000 per cent return in 1 year: This small cap multibagger stock hits upper circuit for fifth session in a row
The company had recently split its stock in the ratio of 10:1.
Deep Diamond, a Small-Cap company, has yielded a whopping, more than 1000 per cent to its investors, resulting in wealth gain. The stock has hit the upper circuit for the last 5 sessions. Today as well, the stock was locked in the upper circuit of 5 per cent at Rs 19.35.
The company had recently split its stock in the ratio of 10:1. The face value of each share of Deep Diamond was Rs 10 before the sub-division. After the split, the face value now is Rs 1.
Meanwhile, the company through an exchange filing informed that the board has approved to invest surplus monies of the company not immediately required for the business to purchase or subscribe for shares and securities of any other company which inter alia includes new age businesses such as Electric Vehicle Business, Green Energy such as Solar, Wind, Bio-mass, waste management etc. and such other various business segments or sectors.
With the recent boost by the government to EV sector, the company said that it has got high growth prospects.
According to the Minister of Road Transport and Highways, Nitin Gadkari, two-wheeler EVs rose by 422 per cent, 3-wheeler by 75 per cent and 4-wheeler by 230 per cent between 2019 and 2021. The number of electric buses also increased by over 1200 per cent during this period.
The board also approved alteration in Memorandum of Association object clause.
Meanwhile, the company reported a rise of 233.33 per cent in sales to Rs 1.50 crore in the December quarter. Its net profit jumped rose 6000 per cent to Rs 0.61 crore as against Rs 0.01 crore during the same quarter last fiscal.