Multibagger penny stock hit 20 per cent upper circuit as it reports a 61 per cent jump in net profit!

The stock is up by 60 per cent in just 6 months and gave multibagger returns of 268 per cent in 1 year.

On Wednesday, one of the Top Gainers on BSE, shares of Spectrum Foods Ltd hit 20 per cent upper circuit to Rs 80.43 per share from its previous closing of Rs 67.03. The stock also made a new 52-week high of Rs 80.43 per share. The shares of the company saw a spurt in volume by more than 8.48 times on BSE.

The company announced its stellar Quarterly Results and half-yearly results which was the main reason for the increase in stock price. Here are the details:

Quarterly Results: The net sales increased by 49.67 per cent to Rs 5.05 crore, operating profit increased by 45 per cent to Rs 3.58 crore and net profit increased by 61.37 per cent to Rs 3.30 crore in Q2FY24 compared to Q2FY23.

Half-yearly Results: The net sales increased by 38.91 per cent to Rs 10.38 crore, operating profit increased by 32.61 per cent to Rs 6.30 crore and net profit increased by 47.94 per cent to Rs 5.77 crore in H1FY24 compared to H1FY23.

According to the annual results, the net sales decreased by 2.86 per cent to Rs 15.71 crore in FY23 over FY22. The company reported a net profit of Rs 0.47 crore in FY23 compared to a net loss of Rs 0.25 crore in FY22.

Spectrum Foods Ltd. services the food industry. The company manufactures and sells spices and industrial salt. Spectrum Foods also participates in share trading activities. The company has a market cap of Rs 39 crore with a 3-year stock price CAGR of 68 per cent.

The stock is up by 60 per cent in just 6 months and gave multibagger returns of 268 per cent in 1 year. Investors should keep an eye on this micro-cap stock.

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