Multibagger penny stock below Rs 100: This engineering company expands its footprint with strategic land acquisition in Gujarat!

The stock is up by 65 per cent in just 3 months and gave multibagger returns of 230 per cent in 6 months.

Rajoo Engineers Limited (BSE: 522257), amongst the leading plastic extrusion machine manufacturers in India, with nearly 35 years of excellence in extrusion in the industry, announced that the company has acquired three industrial plots adjoining the factory in Rajkot. Here are the details:

Acquisition No-1: Admeasuring 598.82 Sq. Mtrs. located at Sub-plot No. 11+12/A of Plots Paiki Plot No. 11 and 12 of Revenue Survey No. 210 situated at Industrial Area, Vill: Veraval, Tal. Kotda Sangani, Rajkot District in the State of Gujarat.

Acquisition No-2:  Admeasuring 1,128.67 Sq. Mtrs. located at Sub-plot No. 11+12/B of Plots Paiki Plot No. 11 and 12 of Revenue Survey No. 210 situated at Industrial Area, Vill: Veraval, Tal. Kotda Sangani, Rajkot District in the State of Gujarat.

Acquisition No-3:  Admeasuring 893.36 Sq. Mtrs. located at Plot No. 10 of Revenue Survey No. 210 situated at Industrial Area, Vill: Veraval, Tal. Kotda Sangani, Rajkot District in the State of Gujarat.

On Friday, shares of Rajoo Engineering were locked in a 2 per cent upper circuit to Rs 86.90 per share from its previous closing of Rs 85.50 per share. The stock also made a new 52-week high of Rs 86.90 per share

Previously, the company received an order from an international entity (Europe) for the supply of an extrusion machine. The order is worth Rs 31 crore and will be completed in 12 months from LOI.

Rajoo Engineers Limited manufactures plastic-extrusion machinery in Gujarat. The company designs and manufactures machines and offers customised solutions as per customers’ requirements.

The company reported positive numbers in its Quarterly Results and annual results. The company is almost debt-free and its current debt is just 1.52 crore which is just 0.28 per cent of its market cap of Rs 535 crore.

The stock is up by 65 per cent in just 3 months and gave multibagger returns of 230 per cent in 6 months. Investors should keep an eye on this micro-cap stock.

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