Heavy buying: Back-to-back upper circuit in this multibagger semiconductor device stock; company to invest Rs 510 crore for semiconductor manufacturing!

Shares of the company have gained about 100 per cent in the last six months.

Shares of RIR Power Electronics Limited were locked in the upper circuit on Tuesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 100 per cent. RIR Power Electronics received approval from the Odisha government to invest Rs.510.80 Crores in the SiC manufacturing facility.

The company posted robust Quarterly Results. The revenue of the company for Q1FY24 stood at Rs 13.87 crore which grew by 14.52 per cent YoY. The company's operating profit stood at Rs 2.46 crore, while the PAT of the company stood at Rs 1.36 crore, which grew by 9.91 per cent on a YoY basis.

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Shares of RIR Power Electronics Limited have also delivered multibagger returns to their shareholders in the last three years. During this period, the company’s share price jumped from Rs 33.20 on November 07, 2020, to Rs 839.45 on November 07, 2023, an increase of about 2,400 per cent in a three-year holding period.

RIR Power Electronics is engaged in the manufacturing of traditional semiconductor devices such as bridges, power modules, diodes, rectifiers and thyristors.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

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