President of India’s portfolio gains Rs 3981,42,05,026 from this multibagger stock in just 1 day with Rs 2,515.18 crore capex plan; hit upper circuit & 52-week high!
The stock gave multibagger returns of 121 per cent in just 6 months whereas BSE Sensex Index is up by 9.5 per cent.
The stock market fell on Monday, with the Sensex index closing 0.17 per cent lower at 66,166.93 and the Nifty-50 index closing 0.1 per cent lower at 19,731.75. Of the 3,953 shares traded on the BSE, 2,032 advanced, 1,748 declined, and 173 remained unchanged.
Despite the overall market downturn, this multibagger stock was trending upwards on the exchanges; being one of the Top Gainers on the BSE Mid-Cap Index.
The President of India’s portfolio owns 60,18,77,627 shares or 99.03 per cent stake in this company. Today, shares of the company gained 66.15 points or 20 per cent upper circuit to Rs 397 per share from its previous closing of Rs 330.85 with a spurt in volume by more than 7.75 times on BSE.
As of today's closing, The President of India’s portfolio gained Rs 3981,42,05,026 (60,18,77,627 shares x Rs 66.15 per share) in just 1 day.
The stock that is creating the excitement is KIOCL LTD.
KIOCL is a flagship company under the Ministry of Steel, Government of India, with Miniratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology, and the production of high-quality pellets. The company has a market cap of over Rs 24,000 crore. The company posted positive sales figures, but both its quarterly and annual financial reports indicated a net loss.
Capex Plan Update: The company will double its iron ore production capacity by mid-April 2024. It will also expand its coke oven plant by March 2024 and its DISP plant within 24 months of placing an order with the main technological package supplier. The expansion of the iron ore production plant will cost Rs 1,500 crore and the expansion of the coke oven plant & the expansion of the DISP plant will cost Rs 836.90 crore. The company will also install 4 new vertical pressure filters by December 2023 for Rs 158.6 crore. Additionally, the company will expand its ERP system within 24 months for Rs 20.31 crore.
The stock gave multibagger returns of 121 per cent in just 6 months whereas BSE Sensex Index is up by 9.5 per cent. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's DSIJ's ‘Mid Bridge’ service recommends well researched mid-cap stocks for smart investing. If this interests you, do download the service details here.