Stock below Rs 50: Keep an eye on this multi-bagger IT stock which gave a return of more than 1000 per cent
The stock has made consecutive 52-week high levels over the past five trading sessions.
On Friday, the benchmark indices closed the market lower with Sensex down around 389.01 points or 0.62 per cent at 62,181.67, also BSE Information Technology Index plunged 2.98 per cent or 901.26 points to Rs 29,349.86.
Today, one of the Top Gainers on BSE was shares of Sylph Technologies Ltd which surged 5 per cent to reach the upper price band of Rs 34.50 per share. Shares also traded at a new 52-week high of Rs 34.50. Additionally, the company's stock price has risen dramatically and has made consecutive upper circuits and 52-week highs over the past five days of trading sessions.
The company has provided multi-bagger returns of 1016.5 per cent on a YTD basis, while the BSE Sensex has only increased by 4.98 per cent on a YTD basis. The corporation reported positive results in its quarterly and annual financial statements. In FY21 when the net profit was only Rs 0.02 crore, it skyrocketed to Rs 0.33 crore or 1550 per cent in FY23.
Sylph Technologies Ltd is a leading software technology company in India, providing software development services & solutions for web and mobile enablement. Over the past one year, the company has produced solid profit growth of 1146 per cent CAGR. Investors should keep an eye on this stock.