Only buyers in this electrical equipment company that turned Rs 1 lakh into Rs 8.5 lakh on a YTD basis!
By hitting back-to-back upper circuits, the stock has skyrocketed more than 750 per cent year-to-date!
On Thursday, Indian headline indices started the day down, reflecting weak global sentiments. Then, boosted by gains in oil and gas, power and utility sectors, indices reversed their losses and began to trade slightly higher. BSE Capital Goods, one of the worst performing sectors, dropped by 0.52 per cent.
There is a stock from the capital goods sector that constantly hits back-to-back upper circuits and did so today despite the lacklustre trading session. On an intraday basis on Thursday, the shares of RMC Switchgears rallied, achieving an all-time high of Rs 207.15 per share on BSE after being locked in the 5 per cent upper circuit.
By hitting back-to-back upper circuits, the stock has skyrocketed more than 750 per cent year-to-date, implying that an initial investment of Rs 1 lakh in the company at the beginning of the year is now worth more than Rs 8.5 lakh! It has gained about 395 per cent in the last six months while its shareholders enjoyed outstanding returns of 164 per cent in just one month!
RMC Switchgears specializes in switchgear engineering and ECI contracts for the power distribution and transmission sectors.
Electrical equipment industry has found a new market in semi-urban and rural India as a result of the country's improved electricity access. A favourable environment for the industry is being enabled by tailwinds like the government's emphasis on infrastructure, the real estate sector's revival and healthy demand visibility across numerous end-user industries. The power sector's new domestic sourcing rules and the ‘Make in India’ initiative are giving the electric equipment market a boost.
Keep a close eye on this scrip for the upcoming sessions!