Shares of this multibagger stock under the ‘small-cap’ category hit the 5 percent upper circuit in Monday’s trading session after Mr. Mukul Agrawal, one of the well-known ace investors based in India, bought a fresh stake in the company. In the past month, the company’s stock has gained more than 20 percent for its holders.
With a market capitalization of Rs 2,264.36 crores, the stocks of Dredging Corporation of India Limited opened their trading hour on Monday at Rs 794 and are currently locked in the 5 percent upper circuit recorded at Rs 808.70.
Such sharp share price movements were observed today after Mr. Mukul Agrawal, a renowned ace investor based in India, bought a fresh stake in the company during the quarter ended March 2024.
According to the latest filings available, he bought 5.05 lakh equity shares of Dredging Corporation of India Limited equivalent to a 1.80 percent stake. The value of his company’s shareholding stands at around Rs 41 crores.
During the recent financial quarters, the company’s prime indicators of business, viz, its operating revenues as well as after-tax profits, reported a jump in numbers.
The former showed an upward shift from Rs 198 crores during Q2FY24 to Rs 265 crores during Q3FY24, and the latter, during the same time horizon, rose from Rs 17 crores to Rs 27 crores.
In the past year, the company’s stock has proven to deliver multibagger returns of around 163 percent to its stakeholders, i.e., if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 2.63 lakhs.
Dredging Corporation of India Limited is a company based in India that is engaged in providing various services, including capital & maintenance dredging, beach nourishment, land reclamation, project management consultancy, marine construction, etc.
With dredging being its sole operating segment, the company provides its services to numerous ports, fishing harbors, maritime organizations, and the Indian Navy.
Written by Amit Madnani
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