52-week high alert: Heavy buying witnessed in this multibagger stock; Zoomed more than 10 per cent in Friday’s session!

The stock has witnessed significant buying activity as it has given multibagger returns of more than 340 per cent in just 3 years

On Friday, shares of Kirloskar Oil Engines zoomed more than 11 per cent to trade a new 52-week high level of Rs 490.30 apiece on BSE. The scrip witnessed massive spurt in volume by more than 2.4 times.

Kirloskar Oil Engines, a leader in the manufacturing of engines, agricultural equipment, and generator sets with a sizable presence in international markets. In the first quarter of the fiscal year 2024, the standalone financial performance of the company showcased robust growth and impressive financial indicators. The revenue from operations witnessed a substantial surge, reaching Rs 1,265 crore as opposed to the Rs 953 crore achieved in the same period of the previous fiscal year, marking a remarkable YoY increase of 33 per cent.

Furthermore, the EBITDA demonstrated a commendable upward trajectory, registering Rs 153 crore for Q1FY24, compared to the Rs 103 crore reported in Q1FY23. This translates to a substantial 48 per cent YoY escalation, indicating enhanced operational efficiency and financial performance.

The bottom line of the financial statement, represented by the net profit, exhibited remarkable growth as well. Q1FY24 recorded a net profit of Rs 103 crore, showcasing a remarkable surge of 65 per cent from the Rs 65 crore achieved in Q1FY23.

In a remarkable achievement, KOEL's Powergen products have attained the coveted CPCB IV+ emission norms certification, solidifying the company's position as an industry trailblazer. This notable milestone establishes KOEL as the pioneering entity in India to secure comprehensive certification across its entire product range. The most recent quarter has been characterized by significant strides within KOEL's B2B product portfolio. The period was highlighted by the introduction of noteworthy products and the expansion of the existing range, reflecting the company's commitment to innovation and progress.

A notable development this quarter is KOEL's foray into the High Horsepower (HHP) range, marked by the introduction of the OptiPrime series. Meticulously crafted with a pronounced emphasis on sectors such as Data Centres and Infrastructure, the OptiPrime range is poised to make a substantial impact. Engineered to effectively address the dynamic power requisites of customers, OptiPrime brings to the table an elevated degree of flexibility while concurrently curbing emissions. This strategic move underscores KOEL's dedication to meeting evolving market demands and its proactive approach to sustainable power solutions.

The stock has witnessed significant buying activity as it has given multibagger returns of more than 340 per cent in just 3 years. Moreover, the stock has zoomed more than 190 per cent in just 1 year. Keep a close eye on this trending multibagger stock.

Disclaimer: The article is for informational purposes only and not investment advice.