President of India's portfolio and LIC gained record profits of Rs 1,120 crore and Rs 31 crore, respectively, from this small-cap multibagger stock; it hit a 20 percent upper circuit after a long time

Now, here's a mind-blowing fact – the President of India holds 70.32 per cent of the company's shares, amounting to 1,750,576,628 shares

Saturday's session was particularly interesting, as far as my memory serves, because it marked the first time in quite a while that we had a full-day session on a Saturday. Furthermore, Bank Nifty, which had experienced a sell-off in the recent trading sessions, bounced back. Another notable performer during the session was IFCI.

IFCI, previously known as the Industrial Finance Corporation of India, is an Indian government-owned finance company established to meet the long-term financial needs of the industrial sector. It was the first Development Financial Institution established by the Indian government after independence in 1948. In 1993, it was reconstituted as a company to provide a higher degree of operational flexibility, offering medium and long-term financial assistance to large-scale industrial undertakings.

The stock of IFCI hit an upper circuit limit of 20 per cent on Saturday, marking a significant up-move. This propelled the stock to a fresh 52-week high, and remarkably, it was the first time in the past year that the stock hit an upper circuit. Notably, the stock has reclaimed levels last seen in the fiscal year 2017-18.

Now, here's a mind-blowing fact – the President of India holds 70.32 per cent of the company's shares, amounting to 1,750,576,628 shares. Considering the stock gained Rs 6.40 per share, this translates to a single-day gain of Rs 11,20,36,90,419, setting a record profit for the President of India's portfolio from its stock holdings in a single day. Additionally, the Life Insurance Corporation of India holds 1.95 per cent of the company's shares, equivalent to 48,507,044 shares, resulting in a single-day profit of Rs 31,04,45,081.

The stock has surged by an impressive 194 per cent in the last year, delivering multibagger returns. It is classified as a Small-Cap stock with a market capitalization of Rs 9,585 crore and a book value of Rs 15.1.

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