From Rs 33 to Rs 394: This low PE Smallcap stock became multibagger in just 3 years!
The company reported a jump of 85 per cent in net profit to Rs 53.09 crore for Q3FY23 with improvement in margins.
The domestic markets inched higher for second consecutive session on Wednesday amid positive global sentiment. Strong buying interest is seen across good quality Smallcap stocks which is quite evident from the spurt in volumes. One such stock is AGI Greenpac (NSE Code – AGI), which has surged nearly 7 per cent amid strong buying sentiment.
AGI Greenpac Ltd is a Rs 2500 crore Smallcap company, works in the manufacturing of glass and glass products, with product applications across downstream sectors. It stands tall with strong market leadership in the building products market and is a growing player in the container glass segment. With the company`s recent foray into the retail of home interior solutions, the company has extended their outreach to the end-customer.
In its latest announcement, AGI Greenpac has received approval from the CCI for the acquisition of Hindustan National Glass & Industries. The company reported a jump of 85 per cent in net profit to Rs 53.09 crore for Q3FY23 with improvement in margins. As per the technical analysis, the stock is in uptrend, having formed higher highs and higher lows. It has registered a strong price volume breakout from its 27-week cup pattern with massive volume. Such technical breakout is expected to take the stock to scale further higher levels.
The stock has been a proven multibagger, having soared over 10 times since March 2020 low of Rs 33 to Rs 394 level in March 2023. Currently, it trades near to its 52-week high level. Momentum is the key here and traders mustn't miss out on the action in this attractive stock!