Watch out for this multibagger stock which skyrocketed more than 200 per cent in just 1 year!
The stock has shown positive traction this year with the company giving multibagger returns of more than 206 per cent in just 1 year and more than 95 per cent in the last 6 months
Ugar Sugar Works is engaged in the manufacturing and sale of sugar, industrial and potable alcohol and generation and distribution of electricity. Established in 1939, the company is one of India’s oldest sugar mills.
The amount of cane crushed was larger in the fiscal year 2022 compared to the previous year, which led to an increase in revenue of the company, around 20 per cent on an annual basis. To increase the capacity of its distillery, the company has started a large capital project for Rs. 200 crore distributed across the previous and current fiscal years.
Due to supply shortages from other major producers of sugar, such as Brazil and Thailand, as well as persistent geopolitical difficulties, sugar prices climbed in the export market in the previous fiscal year, increasing the company's profits.
On January, 13, 2023, the stock closed 0.79 per cent up at Rs 101.85 apiece. Earlier, the stock had touched a new 52-week high of Rs 116 on December 19, 2022.
The stock has positive traction this year with the company giving multibagger returns of more than 206 per cent in just 1 year and more than 95 per cent in the last 6 months. The scrip has more than doubled (more than 200 per cent) from its 52-week low level of Rs 30.50.
Keep a close eye on this trending stock.