Sunday, February 25th, 2024

Do not ignore this stock, it is making investors rich by jumping 11.17% in one stroke

New Delhi: Shares of Wheels India Limited gained 11.17% to hit a 52-week high. Shares of Wheels India have reached Rs 764.95 on BSE. The share volume witnessed a huge increase of more than 8.64 times. Wheels India is creating quite a stir. Market veteran Prashant Jain, who left HDFC AMC about a year ago, is once again on the lookout for multi-baggers. In May, his/her company 3P India Equity bought 1,00,000 shares of Wheels India. Seller Nippon India Mutual Fund still holds over 1.6 million shares in the company, representing 6.5% interest. The average price of both the deals is Rs.551.0. This is Jain’s first major alternative investment after the launch of CAT-III. he/she is known to be a patient investor with interest in log term compound interest. Talking about the financial performance of the company, they are as follows. As per the quarterly figures, the company’s net profit increased by 6.17% to Rs 1,169 crore in Q4FY23 as compared to Q4FY22. In Q4FY23 the company earned a net profit of Rs 25 crore. The EPS during Q4FY23 stood at Rs 10.32 per share. As per the annual report, the company’s operating profit was Rs 220 crore, which is 12% lower than the previous year. The company’s net profit of Rs 65 crore fell 18.75% from FY22 to FY23. The promoter holding rose to 58.73% from 58.10% in the March 2023 quarter.

Talking about the company, Wheels India manufactures road wheels, parts and accessories. The company manufactures accessories for machinery and equipment used in the construction and mining sectors, and wind turbines. Due to which the company’s stock jumped 29 percent. Investors should keep an eye in the coming days.

This article is powered by Dalal Street Investment Journal, India’s No. 1 Investment Magazine. Click here to get regular updates about Winning Stocks and Recommendations.

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