After posting a strong quarter performance, this multibagger is hitting back-to-back upper circuits. Do you own it?

The net profit for the second quarter of FY23 grew significantly from a loss of Rs 11.24 crore to a profit of Rs 21.52 crore as compared to the same quarter, the previous year.

Despite the overnight drop on Wall Street, all the major Asian markets opened with a roar on Tuesday. Power, utilities and technology stocks led the advances as Indian benchmark indices started the session with significant gains across most sectors.  

Shares of Kirloskar Electric Company had a significant rise in buying activity, following the announcement of the September quarter's financial performance and the stock has been consistently hitting back-to-back upper circuits for the past five trading sessions.  

When the company's financial performance was taken into account, it reported a growth of 28.66 per cent from Rs 85.88 crore recorded in Q2FY22, posting total revenue of Rs 110.49 crore in Q2FY23. The net profit for the second quarter of FY23 grew significantly from a loss of Rs 11.24 crore to a profit of Rs 21.52 crore as compared to the same quarter, the previous year.   

On an intra-day basis on Tuesday, the shares of Kirloskar Electric Company rallied to Rs 59.50 per share on BSE after being locked in the 5 per cent upper circuit and also, witnessed a surge in the volume. It delivered stellar returns of over 180 per cent in just one year!   

Over a year, the benchmark indices i.e. BSE Sensex and Nifty 50 both gained about 1-2 per cent whereas the BSE Capital Goods sector attracted investors by outperforming markets and growing more than 23 per cent in just one year!   

The board re-appointed Anand Balaramacharya Hunnur to serve as the company's Managing Director (MD). With the former MD returning and the capital goods market continuing to be robust, this company might witness a significant growth in the near future.       

Keep a close eye on this scrip for the upcoming sessions!