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
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact firstname.lastname@example.org
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail. And do not miss out on the Introductory Offer!!