multibagger stocks: 230% in 15 days! This ‘market driven’ stock is hitting the roof everyday
A 230 per cent surge following 15 straight days of upper circuits has put AK Spintex among the top of 2022’s multibagger list.
Only eight other stocks namely Sacheta Metals, KIFS Financial Services, Tranway Technologies, RTCL, Triveni Glass, Vaswani Industries, Orosil Smiths India and Daulat Securities have more than doubled in 2022 so far, data compiled from corporate database AceEquity suggests.
A total of 17 high-net worth individuals held a 23.46 per cent stake in AK Spintex as of December 31 while small investors held another 9.46 per cent stake in the company. Institutions have zero stake in the company.
When the BSE sought a clarification on the wild price movement on January 5, the company, 65.32 per cent owned by promoters, said it has always disclosed to the stock exchange all the material information, which has a bearing on its operations or performance including all necessary disclosures.
The company said it was not aware of the reason for significant movement and suggested the movement in the share price “is purely market driven and may be a combination of various factors including market conditions.”
A total of 44,118 shares changed hands on the counter so far in Thursday’s trade, as the scrip rose 5 per cent to Rs 80.90. The stock has an average two-week volume of 34,000 shares.
AK Spintex was incorporated as a private limited company under the name of “A.K. Processors Private Limited” on October 6, 1994 and was engaged in the processing of manmade fabrics.
Later to expand the area of operation and to fulfil its capital requirement, it got converted into a public limited company on January 6, 1995. Later on February 24, 1995, it decided to start fabric processing business and the name of the company was changed to AK Spintex Limited.
