This small-cap multibagger commodity stock has doubled in less than 6 months; do you hold it?
The stock has witnessed positive action on the upside and rallied more than 205 per cent in less than 6 months.
On Friday, shares of Axita Cotton zoomed over 12 per cent to make both, a 52-week high and an intraday high of Rs 56.70. The scrip witnessed a massive spurt in volume by more than 7.11 times.
As per the Q2FY233 results, the net profit of the firm rose 45.86 per cent to Rs 2.29 crore against the previous quarter ended September 2021. The company’s sales declined 61.18 per cent to Rs 91. 64 crore from the corresponding quarter last year. Recently, the company announced the subdivision of shares from the existing Rs 10 per equity share into 10 shares of Rs 1 per equity share.
Axita Cotton Limited is engaged in the business of manufacturing, processing and finishing cotton bales and cotton seeds. The company produces cotton seeds and speciality cotton. With a market cap of more than Rs 1090 crore, the company stands net debt free.
The stock has witnessed positive action on the upside as it has rallied more than 205 per cent in less than 6 months. The FIIs have shown significant interest in the company as they have increased their stake from 6.04 per cent to 10.02 per cent in the March – June quarter.
Keep a close eye on this trending Small-Cap multibagger.