Back-to-Back 52-week highs: Watch out for this multibagger automobile stock which was locked in the upper circuit on June 05

The stock gave multibagger returns of 148.94 per cent from its 52-week low of Rs 155 per share.

On Monday, one of the Top Gainers on BSE, shares of The Hi-Tech Gears Ltd zoomed 20 per cent upper circuit to Rs 385.50 per share from its previous closing of Rs 321.25. The stock also traded at a new 52-week high of Rs 385.50 per share. The reason behind the sudden rise in the stock price due to the promotors of the company are buying aggressively from the open market.

According to the Quarterly Results (Q4), the company reported net sales of Rs 286.55 crore in Q4FY23 compared to net sales of Rs 288.63 crore in Q4FY22. The net profit increased by 48.05 per cent to Rs 16.64 crore in Q4FY23 compared to Q4FY22. The net sales increased by 20.46 per cent to Rs 1,169.22 crore in FY23 over FY22. The company reported a net profit of Rs 23.11 crore in FY23 compared to a net loss of Rs 1.10 crore in FY22, an increase of 22 times.

The Hi-Tech Gears Ltd is an auto components manufacturer primarily engaged in the business of manufacturing gears and transmission components. The shares of the company saw a spurt in volume by more than 12.46 times on BSE.  The company is categorized under the BSE Small-cap Index and currently has a market cap of Rs 723.51 crore.

The stock gave multibagger returns of 148.94 per cent from its 52-week low of Rs 155 per share. Investors should keep an eye on this automobile stock under the radar.