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

Shares of the company have gained more than 150 per cent in the last six months.

Shares of Shriram Pistons & Rings Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The stock also made a 52-week high of Rs 1,491.35. In the last six months, the stock has gained about 150 per cent.

Earlier, on 28^th July 2023, the company informed that the board of directors of the company has approved the allotment of 2,20,24,912 bonus equity shares of Rs. 10 (Rupees Ten) each fully paid up for every 1 (One) existing equity share of Rs 10 (Rupees Ten) each fully paid up to the equity shareholders of the company as on record date.

The company also informed about the extension of the Technical Collaboration Agreement with KS Kolbenschmidt GmbH, Germany for the next 7 years.

The company posted impressive Quarterly Results in Q1FY24. The revenue of the company stood at Rs 716.42 crore which grew by 15.53 per cent YoY. The operating profit of the company stood at Rs 165.23 crore which grew by 64.44 per cent on a YoY basis, while the PAT of the company stood at Rs 101.45 crore, which increased by 85.6 per cent YoY.

Shriram Pistons & Rings is primarily engaged in the manufacturing of pistons, piston pins, piston rings, and engine valves for various automotive companies in the domestic and export markets.

The shares of the company have gained about 300 per cent in the last one year and investors should keep a close eye on this stock.

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