This Multibagger Metal Stock Gives 26x Return In Just 10 Months – News18

The iron and steel manufacturing company, Jai Balaji Industries is currently trading at Rs 1139 at BSE. The shares of Jai Balaji Industries closed at Rs 1085.55 (Jai Balaji Share Price) on BSE with a jump of 2.89 per cent. On March 28, 2023, shares of Jai Balaji Industries were priced at Rs 42. After this, it jumped by 2600 per cent in 10 months and reached Rs 1134 on January 30, 2024. This is a record high of one year. The company’s net profit galloped 755 per cent year-on-year ( Y-o-Y) to Rs 606.59 crore during April-December 2023. The company posted a profit of Rs 57.83 crore for the Financial Year 2023 (FY23). In this way, it converted its investor’s Rs 1 lakh to over Rs 18 lakh in a year, enlisting itself in the category of multi-bagger stock.

This was not the story of Jai Balaji Industries before FY22. The company had a debt of Rs 3,407.9 crore in the financial year 2021. This debt has now reduced to Rs 566.50 in the third quarter of the current financial year i.e. December quarter of FY24. Additionally, the company’s profit has also increased by 740 per cent every quarter. In the last quarter of FY 24, the company’s profit jumped by 740 per cent to Rs 234.60 crore.

While sharing his views on the reported growth, Aditya Jajodia, Chairman and Managing Director, of Jai Balaji Industries, said that the firm has faced tough challenges in the last 6-7 years. It has been resolved due to commitment, hard work, faith and resilience of the management, business associates and stakeholders, he added in his speech at the latest investor presentation. The company aims to become net debt-free in the next 18 months.

In the last five trading sessions alone, shares of Jai Balaji Industries have jumped by about 15 per cent. So far in the year 2024, this stock has increased by about 40 per cent. In the last five years, this multi-bagger share has increased by 7716 per cent. It is currently trading at its 52-week high value.