Multibagger stock below Rs 5: Keep an eye on this penny stock, which was locked in the upper circuit on February 17

In the past 2 years, the stock gave multibagger returns of 242.27 per cent whereas BSE Sensex rose by 19.85 per cent.

On Friday one of the Top Gainers on BSE, shares of Royal India Corporation Limited surged and reached an upper price band of Rs 3.32 per share, after being locked in the 10 per cent upper circuit. The company's stock price has increased significantly today, as a result of recent strong trading activity and back-to-back upper circuit.  

The reason for the sudden increase in stock price was because of excellent results reported by the company in December Quarterly Results (Q3). In Q3FY23, net sales skyrocketed 1473 per cent compared to Q3FY22. The net profit skyrocketed to Rs 4.94 crore in Q3FY23 compared to a net loss of Rs 3.29 crore in Q3FY22.  

Incorporated in 1984, Royal India Corporation Ltd has a market cap of Rs 5.82 crore. The firm is engaged in the wholesale trading of gold and gold-related products. Today, shares of the company saw a spurt in volume by more than 3.99 times on BSE.  

The shares of the company have a 52-week high of Rs 4.10 and a 52-week low of Rs 2. In the past 2 years, the stock gave multibagger returns of 242.27 per cent whereas BSE Sensex rose by 19.85 per cent. Investors should keep an eye on this Small-Cap stock.