Heavy buying: Back-to-back upper circuit in this micro-cap multibagger stock; hits fresh 52-week high!

Shares of the company have gained more than 25 per cent in the last six months.

Shares of SAL Automotive Limited were locked in the upper circuit on Friday, 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 also made a new 52-week high on Friday.

In the recent quarter, Q2FY24, the net sales of the company stayed flat which increased by 6.67 per cent at Rs 80.27 crore for Q2FY24 as compared to Rs 75.25 crore for the corresponding quarter previous year. The company reported a 93.51 per cent increase in its net profit at Rs 1.49 crore for the quarter ended September 30, 2023, as compared to Rs 0.77 crore for the same quarter in the previous year. The stock has gained more than 250 per cent in the last three years.

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SAL Automotive Limited (Formerly Swaraj Automotives Limited) is an emerging global manufacturer of Automotive Components, Seats and Agricultural Implements. The company is a leading and preferred Supplier to the Indian Automotive Industry.

The company is engaged in the manufacturing business of automobile components, which includes tractor seats, LCV seats, seat mechanisms for passenger cars & commercial vehicles, seat frames for commercial vehicles, and agriculture implements, which include rotavators, tractor trailers, and planters, etc.

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.