Promoters bought 6,18,19,504 shares and FIIs bought 24,99,769 shares of multibagger auto stock; scrip hit upper circuit & 52-week high!

The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 13.10 per share.

Indian stock market was in the green, the BSE Sensex Index up 0.10 per cent at 71,738 and the NSE Nifty-50 Index up 0.11 per cent to 21,645. Along with the market in green, this multibagger penny stock gained was locked in a 10 per cent upper circuit to Rs 41.56 per share from its previous closing of Rs 37.79. The stock also made a fresh 52-week high of Rs 41.56 per share with a spurt in volume by more than 1.6 times on BSE.  

The stock name is Pritika Auto Industries Ltd.

Pritika Auto Industries is engaged in the manufacturing of tractor and automobile components. It is among the leading manufacturers of machined castings in India.

In the December quarter for the fiscal year 2023, promoters bought 6,18,19,504 shares and FIIs bought 24,99,769 shares of this multibagger penny stock and increased their stake to 68.38 per cent and 2.41 per cent respectively.

The company has a market cap of over Rs 380. According to the Quarterly Results, the company reported net sales of Rs 93.7 crore and net profit of Rs 4.75 crore in Q2FY24 compared to net sales of Rs 100 crore and net profit of Rs 5 crore in Q2FY23. In its annual results, net sales increased by 24 per cent to Rs 362 crore and net profit increased by 15 per cent to Rs 16 crore in FY23 over FY22.

The company's commitment to growth and operational excellence has recently been further solidified by a significant milestone at its subsidiary, Pritika Engineering Components Limited. The successful commencement of commercial production at their new state-of-the-art plant in Punjab marks a pivotal moment. This expansion, boasting a 24,000-ton capacity (including the subsidiary capacity of Meeta Casting), not only strengthens the company’s market position but also lays the foundation for future expansion and innovation. This achievement underscores the company’s unwavering dedication to propelling Pritika Engineering Components Limited towards even greater heights.

The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 13.10 per share. Investors should keep an eye on this micro-cap stock.

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