Heavy buying and 765 per cent returns: Back-to-back upper circuit in this multibagger EV stock; reports a 150 per cent jump in net profit!
Shares of the company gained more than 110 per cent in the last six months.
Shares of Electrotherm (India) Limited were locked in the upper circuit on Monday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock has gained more than 110 per cent in the last six months.
In the recent quarter, Q4FY24, the net sales of the company increased by 17.85 per cent at Rs 1,217.57 crore for Q4FY24 as compared to Rs 1033.16 crore for the corresponding quarter previous year. The company reported a 150.2 per cent increase in its net profit at Rs 104.01 crore for the quarter ended March 31, 2024, as compared to Rs 41.57 crore for the same quarter in the previous year.
Shares of Electrotherm (India) Limited have also delivered multibagger returns to their shareholders in the last one year. During this period, the company’s share price jumped from Rs 86.60 on July 24, 2023, to Rs 731.75 on July 22, 2024, an increase of about 765 per cent in a one-year holding period.
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Electrotherm (India) Limited is engaged in the manufacturing of steel, and electric vehicles and providing engineering services. The company's product range includes the following: Engineering-manufactures induction furnaces, ladle refining furnaces, metal refining converters, induction heating and hardening equipment, continuous induction furnaces and other specialized plant and machinery as well as HYL gas-based DRI plants. Stainless Steel- Under this division the company manufactures Alloy Steel, Stainless Steel and TMT bars. Electric Vehicles- The company manufactures electric vehicles and markets it under the brand name Yo-bikes.
The stock has shown tremendous growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.