Multibagger stocks: The stock market occasionally sees several promising stocks. These stocks occasionally outperform their estimated ceiling, delivering substantial returns to investors. Deep Diamond, which has provided investors with returns exceeding 1%, is one such stock. In addition, the small-cap multibagger stock reached upper circuit for the fifth session in a row.
The stock was stuck in the upper circuit by 5% on Wednesday, January 25 at Rs 18.45 per share. In the midst of a falling market on a Friday (January 27), the stock rose once more to close at Rs 19.35.
The company recently divided the multibagger stock in a 10:1 ratio. The stock had a face value of Rs 10 prior to this. After the company split Deep Diamond, its face value was Rs 1.
Zee Business reported that the company recently announced in an exchange filing that its board has given its approval to invest the excess funds in the business. It doesn’t need this money right away for the businesses. The money can be used to buy shares and securities of other businesses or to subscribe for them.
According to reports, the business is targeting green energy sources like wind and solar power, waste management, and other cutting-edge industries like electric vehicles (EVs). The company said that the EV industry has a lot of room for growth because of the recent push from the government.
It was further reported that the Deep Diamonds board has approved the modification to the object clause of the Memorandum of Association. In the December quarter, the business reported record-breaking sales growth of 233.33 percent, to Rs 1.5 crore. When compared to the same quarter of the previous fiscal year, the net profit increased by a staggering 6,000 percent, rising from Rs 0.01 crore to Rs 0.61 crore.
