This textile stock turned Rs 1 lakh into Rs 70 lakh in less than 5 months, making it the king of multibaggers! Do you own it?
This multi-bagger textile stock has been hitting the upper circuit since June 1, 2022.
The textile industry has given investors several multi-bagger stocks, owing to its promising future and the government's significant contribution to the sector's growth. Due to the outstanding performance of the stock, Baroda Rayon Corporation can undoubtedly be considered the ‘King of multibaggers.’
On an intraday basis on Friday, the shares of Baroda Rayon Corporation surged, achieving a 52-week high of Rs 329.05 per share on BSE after being locked in the 5 per cent upper circuit.
This multi-bagger textile stock has been hitting the upper circuit since June 1, 2022. By hitting back-to-back upper circuits, the stock has skyrocketed 6,991 per cent in less than five months, implying that an investment of Rs 1 lakh made in this stock would now be worth over Rs 70 lakh! It has soared roughly 165 per cent over the past one month!
The company is engaged in the textile industry in Surat (Gujarat), a city basically known worldwide for its textile business. It is involved in the manufacturing and sale of viscose filament yarn, nylon yarn, polyester yarn, and other byproducts.
The Indian textile industry has strengths across the entire value chain from fibre and yarn to fabric. India is the largest consumer and producer of cotton with a huge acreage under cotton cultivation. It is the second-largest manufacturer of polyester, silk, and fibre in the world. Also, the Indian textile sector is the second-largest employment provider in India after agriculture.
Under the aegis of Union Budget 2022-23, the government has allocated a sum of Rs 12,382 crore for the textile sector and also, allowed 100 per cent foreign direct investment (FDI) in the sector under the automatic route.
Given the sector's optimistic long-term outlook and the company's potential for future growth, keep a close eye on this scrip!