This Stock Hit Upper Circuit 41 Times in a Row
This stock hit upper circuit 41 times in a row.
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In today’s chart of
the day we put the spotlight on a midcap stock that has performed
spectacularly well. Shriram Pistons & Rings Ltd. is a Delhi-based
company which manufactures and sells industrial machinery parts.
The company was earlier listed on the Delhi Stock Exchange. On June 9, 2016 it listed on the National Stock Exchange. On the first day its market capitalisation was Rs 862 crore.
In the 42 trading sessions since then, including today, the market capitalisation of the company has risen to over Rs 6,000 crore. This, for a company whose revenue in the financial year 2016-17 was just over Rs 1,400 crore and net profit over Rs 92 crore.
Of the total 42 sessions, Shriram Pistons has hit upper circuit of 5 percent for 41 straight sessions. Today is the first day in 42 trading sessions, that the stock corrected and hit the 5 percent lower circuit.
Shriram Pistons listed on the NSE at Rs 385, and is currently trading at Rs 2,689.70 per share.
The stock has risen 600 percent in just 2 months.
