Heavy buying: Back-to-back upper circuit in this multibagger stock; hits fresh 52-week high!

Shares of the company gained more than 90 per cent in the last six months.

Shares of Somi Conveyor Beltings Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock has also made a fresh 52-week high today. Recently, the company bagged a new order from NLC India Limited worth Rs. 63.29 crore. This win signifies positive developments for Somi Conveyor Beltings and strengthens their position in the industry.

The shares of Somi Conveyor Beltings Limited have also delivered multibagger returns to its shareholders in the last one year. During this period, the company's share price surged from Rs 36.60 on March 14, 2023, to Rs 126.90 on March 13, 2024, representing an increase of about 220 per cent in a one-year holding period.

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The company posted robust Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 18.76 crore which decreased by 14.03 per cent YoY. The operating profit of the company stood at Rs 1.73 crore, while the PAT of the company stood at Rs 0.76 crore, from a profit of Rs 0.46 crore last year same quarter.

Somi Conveyor Beltings Limited manufactures rubber and steel-based conveyor belts used in material handling, transportation, mining, power, cement, fertilizer, and steel industries. The company has a facility each at Sangaria and Tanwara in Jodhpur, Rajasthan.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

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