Heavy buying: Back-to-back upper circuit in this multibagger stock; hits fresh 52-week high and gains over 3500 per cent!

Shares of the company gained more than 750 per cent in the last six months.

Shares of Jai Balaji Industries Limited were locked in the upper circuit on Friday, 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 gained over 750 per cent in the last six months. The also made a new 52-week high of Rs 684.10 on Friday.

The company posted strong Quarterly Results. The company's net sales grew 12.94 per cent year-over-year to Rs 1546.63 crore in the second quarter of FY24 while operating profit increased 257.4 per cent. The net profit for the quarter stood at Rs 201.55 crore, which grew by 851.66 per cent over last year's same quarter.

Shares of Jai Balaji Industries Limited have given multibagger returns during the last three years. The shares of the company jumped from Rs 17.85 on December 18, 2020, to Rs 690.35 on December 15, 2023, an increase of about 3500 per cent in a three-year holding period.

Jai Balaji Industries Limited is engaged in the manufacturing of Iron and Steel products. The company has a diverse portfolio of value-added products including DRI (Sponge iron), Pig iron, Ferro Alloys, Alloy and Mild Steel Billets, Reinforcement Steel TMT Bars, Wire Rods, Ductile Iron Pipes, and Alloy and Mild Steel Heavy Rounds.

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.