Multibagger Stock: A year ago the shares of Fine Organic Industries Ltd were trading at Rs 2992 a piece on NSE. From there it has climbed up to the current levels of Rs 6,774 thereby giving a multibagger return of 124% in just a year.
On Wednesday the stock opened at Rs 6,800 up 16% from its previous close of Rs 5,827. Soon after opening the stock surged and reached its new 52-week high of Rs 6,844. During the day the share price climbed by more than 15%.
In the past month, the stock has delivered a return of 25.85% and so far this year the percentage return to investors was close to 77% YTD.
The rally was majorly after the company posted exceptional quarterly results.
Its revenue from operations more-than-doubled to Rs 748 crore during the first quarter of FY23 against Rs 358 crore in the corresponding quarter of the previous fiscal. It had posted a revenue of Rs 617 crore in the previous quarter.
The company’s consolidated net profit rose over four-fold to Rs 157.28 crore in the June quarter, as against Rs 34.93 crore in Q1FY22. On a sequential basis, net profit grew 29 per cent from Rs 122 crore in March 2022 quarter.
Fine Organic Industries Ltd manufactures, processes, distributes, and exports a wide range of oleochemical-based additives which are majorly used in foods, plastics, cosmetics, coatings, and other speciality applications in various industries. It has a wide business in India and Abroad.
The company has a market capitalization of Rs 20,726 Crores. The promoters of the company hold a 75% stake in the company as of June 2022 and the Foreign Institutional Investors hold a 7.2% stake.
Written by – Anoushka Roy
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