The shares of Deep Diamond India Ltd were locked in an upper circuit on Tuesday as it gained 4.93% from the previous close of ₹ 20.30 to settle at ₹ 21.30 apiece.
Deep Diamond India is engaged in the business of gold and diamond studded jewellery and operates in the consumer discretionary industry.
Its shares have been on a gaining streak. They were trading at ₹ 14.54 levels on January 18 and closed at ₹ 21.30 apiece, registering a gain of 46.49% in the past seven trading sessions. This happened after the company announced that it would invest in the EV & Green Energy sector like Solar, Wind, and so on.
“To invest the surplus monies of the company not immediately required for the business to purchase or subscribe for shares and securities of any other company which inter alia includes new age businesses such as Electric Vehicle Business, Green Energy such as Solar, Wind, Biomass, waste management etc. and such other various business segment or sector as deemed fit as long as the same is not prohibited by any law in force in the Country which the Company may think necessary for the purpose of its business.” it said in an exchange filing.
The company recently split its shares in the ratio of 10:1. Its adjusted share price was ₹ 1.45 apiece a year ago and is currently at ₹ 21.30 apiece, indicating that it gave multibagger returns of 1368.96% in the past year. If an investor would have invested ₹ 1 lakh in the shares of the company a year ago, the value of their holdings would have been ₹ 14.68 lakhs today! Similarly, the company’s shares gave multibagger returns of 287.27% in the past six months.
Deep Diamond India is a micro cap stock with a market capitalization of ₹ 85 crores. Retail investors hold 99.92% of its shares, while its promoters hold merely 0.08% of the company.
Written by Simran Bafna
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