Mukul Agrawal bought 34,00,000 shares of this multibagger rail infrastructure company with Rs 1,500 crore order book, scrip hit upper circuit & 52-week high!
The stock gave multibagger returns of 170 per cent in just 3 months and over 400 per cent in 6 months.
On Friday, the Indian indices ended the trading session in green with BSE Sensex Index up 0.34 per cent at 71,107 and NSE Nifty-50 Index up 0.44 per cent at 21,349. The market capitalization of BSE-listed companies is 3,56,78,737.59 crore or Rs 3.57 lakh crore as of December 24, 2023.
Along with the market in green, one multibagger railway infrastructure company was locked in a 5 per cent upper circuit to Rs 224.05 per share from its previous closing of Rs 213.40. The stock also made a 52-week high is Rs 224.05 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits and 52-week highs.
Before we declare the champion stock, let's dissect the reasons behind this stock's relentless climb to new peaks. Here are the details:
The Board of Directors of the Company has approved plans to raise funds of up to Rs 215 crore through various instruments, including issuing new equity shares, convertible securities or debt securities. This is subject to regulatory approvals and shareholder approval. Additionally, the Board has proposed issuing and allotting 50,56,000 new equity shares at a price of Rs 169 per share, subject to shareholder and regulatory approval. This issuance would be targeted towards non-promoters.
In the above fundraising, an investor, Mukul Mahavir Agrawal bought 34,00,000 shares at Rs 169 per share aggregating to Rs 57,46,00,000 or Rs 57.46 crore. Along with him, 28 other non-promoters took part in it.
The stock name is ORIENTAL RAIL INFRASTRUCTURE LTD.
Oriental Rail Infrastructure Ltd (BSE Scrip Code: 531859) is engaged in the manufacturing, buying, and selling of all types of recron, seat & berth, compreg boards and is also engaged in trading timber woods and all its products. The company has a market cap of over Rs 1,200 crore.
The company reported amazing numbers in its Quarterly Results and annual results. Additionally, Oriental Rail Infrastructure announced that the company along with its subsidiary company (Oriental Foundry Private Ltd) has total orders in hand of approx. Rs 1,500 crore. The stock gave multibagger returns of 170 per cent in just 3 months and over 400 per cent in 6 months.
Recently, the company received an order worth Rs 12,14,06,597 from Modern Coach Factory (MCF), Raebareli, Indian Railways. The order includes manufacturing and supplying 126 sets of seat and berths for LHB AC3T economy coaches.
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Disclaimer: The article is for informational purposes only and not investment advice.
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