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

Shares of the company have gained about 140 per cent in the last six months.

Shares of Sky Gold 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 also made a fresh 52 week high. In the last six months, the stock has gained about 140 per cent.

Sky Gold Limited is engaged in the business of designing, manufacturing, and marketing gold jewellery. The company follows a B2B model where the products are mainly sold to mid-range jewellers and boutique stores that sell these products through online platforms and retail stores. The company has an online presence in the USA & Australia and has just launched aggressive marketing for it.

Also read, Swing trading simplified: A guide to short-term trading strategies

The company recently issued securities/convertible instruments on a preferential basis, with participation from ace investor Ashish Kacholia. The Board has approved the issuance of up to 23,32,800 equity shares on a preferential basis at an issue price of Rs. 415/- per share. Ashish Kacholia was allotted 2,88,100 equity shares in the preferential issue.

The company posted strong Quarterly Results. The revenue of the company for Q1FY24 stood at Rs 375.70 crore which grew by 20.14 per cent YoY. The operating profit of the company stood at Rs 19.45 crore, while the PAT of the company stood at Rs 10.67 crore, representing an impressive growth of 101.76 per cent YoY. The stock also delivered multibagger returns of over 270 per cent in the last one year.

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.