Multibagger penny stock below Rs 10: This micro-cap company receives export orders worth Rs 20,00,00,000; scrip hit upper circuit!

The stock is up by 60 per cent from its 52-week low of Rs 5.73 per share and gave multibagger returns of over 150 per cent in 3 years.

Kanani Industries Ltd informed that the company has successfully secured Export orders, valued at approx. Rs 20,00,00,000, from our esteemed international clients. These orders pertain to the manufacturing of jewellery. It is noteworthy that these orders will be fulfilled using our in-house, backward-integrated manufacturing facility, which will enhance the company's profit margins. The company targets to deliver the aforesaid order within a swift timeframe of 6 months.

On Wednesday, one of the Top Gainers on BSE, shares of Kanani Industries Ltd hit 5 per cent upper circuit to Rs 8.71 per share from its previous closing of Rs 8.30 per share. The stock’s 52-week high is Rs 13.75 and its 52-week low is Rs 5.43. The shares of the company saw a spurt in volume by more than 11.22 times on BSE.

Kanani Industries Ltd, founded in 1983, is a manufacturer and exporter of diamond-studded jewellery. The company offers a wide range of diamond-studded jewellery, including rings, necklaces, earrings, bracelets, and pendants. The company has a market cap of Rs 86.17 crore with a 3-year stock price CAGR of 40 per cent. Furthermore, the company reported positive numbers in its Quarterly Results (Q1FY24) and annual results (FY23).

As of June 2023, the promoters of Kanani Industries Ltd own 61.35 per cent of the company, while the remaining 38.65 per cent is owned by public shareholders.

The stock is up by 60 per cent from its 52-week low of Rs 5.73 per share and gave multibagger returns of over 150 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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