Akash Bhanshali and LIC collectively gained Rs 70,59,81,380 from this multibagger textile stock in just 1 day; Company reports a 2,324 per cent jump in net profit!

The stock gave multibagger returns of 138 per cent from its 52-week low of Rs 62.20 per share and a whopping 2180 per cent in a decade.

On Friday, the Indian benchmark indices ended the trading session in green, up 1.01 per cent at a level of 63,783. On the broader market, indices were also trading in green with BSE Mid-Cap Index and BSE Small-Cap Index both gaining by 1.70 per cent and 1.89 per cent respectively.

Along with the market on green, one multibagger textile stock was in talk of the town. Let’s first reveal the stock name i.e., Welspun Living Ltd (Formerly known as Welspun India Limited).

Shares of the company were trading at Rs 145.75 per share, up 14.05 points or 10.67 per cent. The stock made a new 52-week high of Rs 147.95 per share with a spurt in volume by more than 2.36 times on BSE.

The company announced stellar Quarterly Results and half-yearly results which was the main reason for the sudden rise in the stock price. Here are the details:

According to the quarterly results, the net sales increased by per cent to 19 per cent to Rs 2,509.08 crore and net profit skyrocketed 2,324 per cent to Rs 200.21 crore in Q2FY24 over Q2FY23. According to the half-yearly results, the net sales increased by per cent to Rs 15.3 per cent to Rs 4,693.13 crore and net profit skyrocketed 1,128.6 per cent to Rs 358.32 crore in H1FY24 over H1FY23.

In just 1 day, an ace investor - Akash Bhanshali owns 1,42,20,781 shares or 1.46 per cent and gained Rs 19,98,01,973 while an institutional investor Life Insurance Corporation of India (LIC) owns 3,60,27,004 shares or 3.71 per cent and gained Rs 50,61,79,407 from this multibagger stock.

Welspun Living Limited is a leading home textile manufacturer that offers a wide range of products, including towels, bath robes, sheets, bedding, and carpets. The company is focused on innovation, branding, and sustainability to maintain its leadership position in the industry. The company has a market cap of over Rs 14,000 crore with a 3-year stock price CAGR of 26 per cent.

The stock gave multibagger returns of 138 per cent from its 52-week low of Rs 62.20 per share and a whopping 2180 per cent in a decade. Investors should keep an eye on this textile stock.

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