Only Buyers: This textile stock turned Rs 1 lakh into Rs 42 lakh in just a year! Do you own it?
Some of the company's strengths include a low PE, an extremely high RoCE and a significant promoter group stake (almost 95 per cent).
Due to massive losses in the power, oil & gas and utility sectors, Indian benchmark indices started the session lower. Gains in information technology and fast-moving consumer goods (FMCG) sectors enabled the indices to recover from their early losses and trade higher.
Shares of ITC Ltd, the top gainer on the Sensex today, soared about 6 per cent and reached a new 52-week high. Adani Group stocks, on the other hand, continued to tumble and the majority of them were also locked at their respective lower circuits as the group decided to call-off the fully subscribed Rs 20,000 crore FPO.
Investors were attracted to the strong uptrend in the shares of Raj Rayon Industries Ltd, a Small-Cap textile products company.
On an intraday basis on Thursday, shares of Raj Rayon Industries Ltd surged and locked at a 2 per cent upper circuit at Rs 57.10 per share on the BSE. By hitting back-to-back upper circuits for months, the stock has soared more than 4,100 per cent in just one year, implying that an investment of Rs 1 lakh made in this stock a year ago, would now be worth over Rs 42 lakh!
Incorporated in 1993, Raj Rayon Industries is engaged in the manufacturing and trading of polyester chips, polyester yarn and processed yarn. Some of the company's strengths include a low PE, an extremely high RoCE and a significant promoter group stake (almost 95 per cent).
Keep a close eye on this scrip for the upcoming sessions!