This multibagger smallcap stock hits fresh all-time high on Tuesday! Do you own it?

The stock has generated nearly 125 per cent returns since its listing and is one of the top performing IPOs of 2022.   

The benchmark indices closed higher on Tuesday amid positive market sentiment. Strong buying was seen across good quality growth stocks. One such stock soared over 5 per cent on the bourses to hit a fresh all-time high of Rs 491 level!  

We are talking about Hariom Pipe Industries (NSE Code - HARIOMPIPE), which is engaged in the manufacturing of pipes and tubes. The Rs 1,200 crore market cap company has a wide-spread portfolio in the domain of real estate, industries, automotive and residential space. It is one of the emerging market players with sophisticated technology and robust growth.    

Listed in April 2022 at around Rs 220 a piece, the stock has proved to be a multibagger in less than one year. The stock has generated nearly 125 per cent returns since its listing and is one of the top performing IPOs of 2022.   

The company reported good growth in revenue, which jumped over 16 per cent YoY to Rs 122.85 crore in Q3FY23. The net profit grew 8.91 per cent YoY to Rs 10.15 crore as against Rs 9.32 crore from the same quarter of previous financial year.   

As per the technical analysis, the stock is in strong uptrend with good relative strength. It has formed a series of higher highs and higher lows, with all the moving averages pointing upwards. The 14-day RSI (60.02) lies in the bullish territory and shows strong uptrend. Momentum traders and long-term investors should keep a close watch on this stock for upcoming trading sessions.