Upper circuit stock: Heavy buying witnessed in Indias only pureplay-listed biodiesel company; do you own it?
Considering the yearly performance, the net profit of company soared 730.8 per cent to Rs 8.64 crore as against Rs 1.04 crore during the previous year ended in March 2021.
The shares of micro-cap multi-bagger Kotyark Industries were seen locked in the upper circuit after gaining 10 per cent on Tuesday in the early hours of the trading session. Kotyark Industries’ shares are trading at Rs 283.15 per share after it made an intraday low of Rs 242 per share.
The shares of Kotyark Industries saw heavy buying on Tuesday with a spurt in volumes of over 27.99 times. Interestingly, the price-volume breakout in Kotyark Industries was seen on a sluggish market day. This price volume breakout can attract buyers in the coming trading sessions.
Considering the yearly performance, the net profit of Kotyark Industries soared 730.8 per cent to Rs 8.64 crore as against Rs 1.04 crore during the previous year ended in March 2021. Also, its net sales rose 139.31 per cent to Rs 156.05 crore as against Rs 65.21 crore during the previous year ended in March 2021. Kotyark Industries' shares have risen by more than 300 per cent in the past one year. The 52-week low for the stock is Rs 51 per share while the 52-week high is Rs 402 per share.
Incorporated in 2016, Kotyark Industries Ltd is engaged in the manufacturing of biodiesel and its byproducts. The company focusses on green energy and sustainable development of renewable resources through the adoption of environment-friendly technology. The company’s core product is biodiesel and in the process of manufacturing the same, it also produces crude glycerin.
The global biodiesel market stood at around USD 46.79 billion by revenue at the end of 2021. It is expected to grow at a CAGR of 5.87 per cent to reach close to USD 51.48 billion in 2026. Currently, India’s biofuel production accounts for only 1 per cent of the global production.
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