Heavy buying witnessed in this multibagger stock which has skyrocketed over 225 per cent returns in just 1 year

The scrip was among the BSE top gainers and soared 10 per cent to make both - a new 52-week high and an intraday high of Rs 246.95

Lloyds Metals & Energy is into the business of manufacturing of sponge iron, power generation and mining activities. The company is one of the largest merchant iron ore miners in Maharashtra and has a 270,000 tonnes per annum capacity for DRI and 30 MW waste heat recovery-based power plant.   

On December 13, 2022, the Maharashtra State's cabinet sub-committee on industries cleared 13 projects worth Rs 70,000 crore, including as many as three large projects worth Rs 35,520 crore that will come up in Gadchiroli and Chandrapur districts. Of this, it has cleared a project worth Rs 20,000 crore by Lloyds Metals and Energy. The company clarified that these approvals are preliminary and require a series of regulatory and internal approvals.  

Lloyds Metals is increasing its sponge manufacturing capacity by 72,000 tonnes via the sponge plant in Konsari from 270,000 tonnes in Chandrapur. These expansion plans would play a significant and immediate role in formulating the company’s future roadmap.  

On Tuesday, the scrip was among the BSE Top Gainers and soared 10 per cent to make both - a new 52-week high and an intraday high of Rs 246.95 and closed 9.31 per cent up at Rs 245.40. The shares of the company have given over 38 per cent returns in just one month and have skyrocketed over 225 per cent in just 1 year. Keep a close eye on this trending multibagger metal company.