Trending stock under Rs 100: This low PE multibagger smallcap stock zooms nearly 5 per cent despite weak market sentiment! Do you own it?
In the past three years, the stock has increased shareholders’ wealth by over 300 per cent, making it a proven multibagger.
The broader indices are witnessing weakness at higher levels while strong selling has been witnessed across some sectors. Despite this, some names have seen strong buying interest. The stock of Texmo Pipes & Products has jumped nearly 5 per cent as massive buying is seen at lower levels. Its volume is good, which indicates strong buying activity.
Texmo Pipes & Products Ltd is engaged in manufacturing plastic products. The company’s image has been developed in the market due to its high-quality products through process excellence by promoting efficiencies, productivity, and professionalism. Its products include rigid PVC pipes, agriculture fittings, casing pipes for tubewell, and other precision products.
In the past three years, the stock has increased shareholders’ wealth by over 300 per cent, making it a proven multibagger. However, it corrected nearly 40 per cent from its highs and is now, at a strong value buying level. The stock is currently undervalued as per its PE ratio, which stands at 17.21 as against the sector PE of 34.01.
In its recent quarterly result, the company posted a jump of 26 per cent YoY in revenues in June 2022. From the technical perspective, the key resistance level to watch out for is at Rs 70, following which, a strong price volume breakout can take the stock to higher levels.
Currently, Texmopipe shares are trading near Rs 64 level. Add it to your watchlist to track its further progress!