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The shares of Knowledge Marine & Engineering Works Ltd were locked in an upper circuit of 5 per cent after they reached a new 52-week high of Rs 874 on Tuesday. On Wednesday, the stock was trading 1.8 per cent higher at Rs 890 levels. 

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Knowledge Marine & Engineering Works Ltd is an established player in the dredging and small-craft business segment in India. In the last 5 years, the company has evolved from a small ship-repair unit to a dredging and ship-owning company. 

The shares rallied today mainly due to two reasons. The first is the robust quarterly results published by the company. 

In Q2FY23, their revenue grew multifold to Rs 117.76 Crores up from Rs 13.03 crore in the same period last year. In the quarter, their net profit stood at Rs 23.14 Crore which increased from Rs 3.38 Crore in Q2FY22. 

The second reason was the issue of Preferential shares to ace investor Ashish Kacholia. As per the latest fillings by the company, the ace investor was allotted 2,00,000 shares which represents a 1.85% stake in the company. They were issued at a price of Rs 700 per share. 

A year ago the stock was trading at Rs 109 a piece on BSE. From there, it has spiked up to the current levels logging a multibagger return of 711 percent in a year. This means that if an investor had invested Rs 1 lakh in the company a year ago, their investment would be worth Rs 8.11 lakhs today. 

In the span of just 4 months, the stock has delivered a multibagger return of 233 per cent, rising from Rs 263 in July to the present levels. On a Year to Date (YTD) basis, the stock has delivered a multibagger return of 491 per cent. 

Written by Anoushka Roy

Disclaimer

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.

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