Penny Stock Update: JCT locks in the upper circuit; soars by more than 23 per cent in 20 days!
The shares of JCT are up by ~5 per cent on Monday, on an intraday basis. The stock of JCT Ltd is up by more than 23 per cent in 20 odd days and is catching investors’ attention. The stocks turned out to be a multibagger in 2021, soaring by more than 228.42 per cent. In one-year JCT share price is up by 197 per cent.
The stock slipped by almost 40 per cent August 3 and August 23 after reporting losses.
The poor quarterly performance surprised the street as a turnaround was expected in the counter, owing to the revival of fortunes in the textile sector. Textile companies are expected to do well going forward as the sector is being incentivized by the GOI. Be it PLI scheme or export linked incentives, the textile sector finds itself in a sweet spot. JCT is expected to benefit from the positive momentum in the textile sector. The stock of JCT has gained with a spurt in volume of more than 1.72 times on Monday.
The stock is in ASM LT: Stage 1 list. The stocks that are part of the ASM LT list are subjected to additional surveillance.
JCT, a flagship company of Thapar Group, manufactures textiles and filament yarn.