Watch out for this multibagger penny stock, which got locked in the upper circuit today!
This stock was one of the top gainers on BSE today.
Stock price moment
On Monday, the benchmark indices were trading lower with Sensex down around 285 points or 0.48% at 59,180.10, and the Nifty trading down by 102 points or 0.58% at 17,364.70.
Shares of Royal India Corporation Ltd, one of the top gainers on the BSE today, soared and hit an upper price range of Rs 4.87 per share after being restrained in the 5% upper circuit. Today's big gain in the company's stock price is a result of recent robust trading activity and consecutive upward circuits.
Reason behind the sudden rise in stock price
The company's stellar performance in its December quarterly results was the source of the significant spike in stock price (Q3). Net revenues in Q3FY23 increased 1473% over Q3FY22 levels. In Q3FY23, the net profit skyrocketed to Rs 4.94 crore from a net loss of Rs 3.29 crore in Q3FY22. The shares of the company have a 52-week high of Rs 4.87 and a 52-week low of Rs 2. In the past 2 years, the stock gave multibagger returns of 242.27%.
Royal India Corporation Ltd was founded in 1984 and has a market capitalization of Rs 5.82 crore with 3 years CAGR of 109%. The company deals in the wholesale trade of gold and gold-related products. The company trades gold bullion, plain gold jewellery, gold coins, medallions, and other precious metals. The company also intends to manufacture and export gold jewellery.
The company offers 24 carat 999.9 purity Swiss-made gold coins with an assay certificate, and also 23 carat 995 & 999 purity Indian-made gold coins in denominations of 1, 2, 8, 5, 10, 20, and 50 grams in round & rectangular shapes. The shareholding pattern of the company is as follows: promoters stake 45.91% and the rest of the stake is owned by the general public which is 54.09% as of December 2022.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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