Order received from Reliance Industries: Multibagger stock below Rs 60 locked at upper circuit; expects further orders from Reliance Industries!

Anticipating further orders from Reliance Industries Ltd in the upcoming weeks

The NSE benchmark Nifty 50 rebounded nearly 85 points from its intraday low; however, it closed marginally below the previous day's low. Among the sectoral indices, Nifty PSU Bank surged by 2.62 percent, followed by Nifty Auto, which rose by 1.46 per cent.

Market breadth remained negative, with 1495 stocks declining while 775 stocks advanced, reflecting the underperformance of the broader markets. Nifty Small-Cap declined by 1.24 per cent, while Mid-Cap slipped 0.27 per cent.

Despite the prevailing downturn in the broader markets, one stock stood out and captured the attention of investors: Gujarat Toolroom Ltd. The stock hit its upper circuit limit of 5 per cent, with a total traded volume of about 2.15 lakh shares on BSE. The pivotal moment for the company came with the announcement of securing an order from Reliance Industries, led by Chairman & Managing Director Mukesh D. Ambani.

The order, valued at Rs 29 crore (Rs 290 million), pertains to construction supplies. In its press release, the company stated, "This significant order underscores the trust and confidence that index heavyweight Reliance Industries Ltd has placed in GTL’s capabilities and quality of service.

Anticipating further orders from Reliance Industries Ltd in the upcoming weeks, GTL foresees strengthening the partnership between the two entities. Moreover, GTL expects additional orders from various clients in the coming months, which are poised to significantly contribute to the company's revenue and profit growth.”

The stock has also achieved multibagger status, soaring an impressive 7,564.38 per cent in the last three years. Over the past year alone, the stock has surged by 424.37 per cent.

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