Multibagger stock hits record high; sees profit-booking in afternoon trade

Shares of Shilchar Technologies Ltd have rallied 2,059% in the last three years. The microcap stock, which closed at Rs 81 on April 9, rose to a record high of Rs 1749 on the BSE today. An amount of Rs 1 lakh invested in the shares of Shilchar Technologies three years ago would have turned into Rs 21.59 lakh today. In comparison, Sensex has risen 92.65 per cent during the period.

Shilchar Technologies stock hit a record high in early trade and saw profit-booking in the afternoon session today. The stock tumbled 3.22% to Rs 1681 against the previous close of Rs 1737.15. on BSE.

It hit a 52-week low of Rs 351.10 on April 13, 2022.

In terms of technicals, the relative strength index (RSI) of the stock stands at 72.3, signaling it's strongly overbought. Shilchar Technologies shares have a beta of 0.4, indicating low volatility in a year. Shilchar Technologies shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has climbed 21.19% in a month and gained 78% this year. Total 2916 shares of the firm changed hands amounting to a turnover of Rs 50.20 lakh on BSE.

Market cap of the firm rose to Rs 656.61 crore on BSE. Five promoters held 65.85 per cent stake in the firm and 2734 public shareholders owned 34.15 per cent for the quarter ended December 2022. Of these, 2650 public shareholders held 3.94 lakh shares or 10.34% stake with capital up to Rs 2 lakh. Only six shareholders with 4.43% stake held capital above Rs 2 lakh for the quarter ended December 2022.

About the Company

Shilchar Technologies is a manufacturer of Electronics & Telecom and Power & Distribution transformers. Shilchar caters to a wide cross section of industrial segments from utility to renewable energy sector and to individual retail customers across the globe. Its headquarters are located in Vadodara, Gujarat.

Also read: Tata Motors, Maruti Suzuki, TVS Motor: Why Jefferies sees up to 40% upside in auto stocks

Also read: TCS Q4 results: Deal wins, commentary on BFSI, client spends, other things to watch on Wednesday