This small-cap IT services stock surged 165 per cent in just one month! Do you own it?
An investment of Rs 1 lakh made in this stock, a month ago, would now be worth nearly Rs 2.65 lakh!
The economic downturn had an impact on the global markets, which were trading lower due to recessionary fears. Over the course of a month, the Indian benchmark index BSE Sensex and the sectoral index BSE Information Technology both tumbled more than 3 per cent.
A few Small-Cap IT stocks outperformed with outstanding returns, defying the indices. Riddhi Corporate Services is the stock that hit back-to-back upper circuits thereby, drawing investors. On an intraday basis on Tuesday, the shares of Riddhi Corporate Services surged, achieving an all-time high of Rs 362.10 per share on BSE after being locked in the 5 per cent upper circuit.
By hitting back-to-back upper circuits, the stock has skyrocketed almost 165 per cent in just one month, implying that an investment of Rs 1 lakh made in this stock, a month ago, would now be worth nearly Rs 2.65 lakh! It has also gained about 178 per cent in the last six months!
The market worth of the company is Rs 412 crore, with promoters owning more than 70 per cent of it. Riddhi Corporate Services provides a wide range of services in the areas of document management, inbound & outbound contact centres, data entry, software development, verification, and recruitment services.
Keep a close eye on this scrip for the upcoming sessions!