Multibagger stock below Rs 2: Keep an eye on this penny stock, which was locked in the upper circuit on March 01

The stock is up by 39.64 per cent in 6 months and in the past 2 years, the stock gave multibagger returns of 222.92 per cent. I

One of the Top Gainers on the BSE today, shares of Maharashtra Corporation Ltd surged and reached an upper price band of Rs 1.55 per share, after being locked in the 5 per cent upper circuit. Additionally, the company's stock price has risen dramatically and has made consecutive upper circuits over the past trading sessions.      

The corporation showed positive numbers in its quarterly and annual financial statements. In Q3FY23, net sales recorded by the firm are Rs 0.50 crore. The company’s net profit skyrocketed 1,600 per cent in Q3FY23 compared to Q3FY22. The increase in share price was due to the substantial acquisition of shares and takeover of Mr Bhavya Dhiman and Mrs Aarti Raju Bhai Narang and hence is witnessing some fresh buying today.  

Maharashtra Corporation Limited engages in trading agricultural commodities in India. The company has also commenced additional activities like importing and exporting handicraft items and other goods. The company is based in Mumbai, India. Maharashtra Corporation Limited was incorporated in the year 1982 with the name Maharashtra Industrial Leasing & Investments Ltd.  

This trading & distribution company has a market cap of Rs 27.85 crore. The stock is up by 39.64 per cent in 6 months and in the past 2 years, the stock gave multibagger returns of 222.92 per cent. Investors must keep this Small-Cap stock on their watch list.