Stock Market News | Multibagger Stock: Manufacturing Major Ashnisha Industries Shares Hit 5 Per Cent Upper Circuit

The manufacturing sector stock has surged more than 2,600 per cent in the last two years, thus helping its investors creating wealth.

Stock Market News: Shares of Ashnisha Industries, a small-cap commercial services company, on Thursday hit an upper circuit of 5 percent on BSE. The stock was off to a flat start at Rs 18.05. It soon jumped 5 percent to hit the upper circuit limit.

However, a profit booking was seen at the counter at the fag-end as it closed Rs 18.63, up over 3 percent.  Ashnisha Industries is engaged in the business of manufacturing and trading of steel and steel alloys. It is among those small-cap stocks on Dalal Street that has given an outstanding return to its shareholders in recent times.

On a year-to-date basis, the BSE-listed scrip has gained 14. It has jumped more than 300 per cent in the past one year. In perspective, Ashnisha Industries shares quoted a price of Rs around 4.50 a year ago. It is now trading at Rs 18.63, according to data available on BSE website.

The manufacturing sector stock has surged more than 2,600 per cent in the last two years, thus helping its investors creating wealth.

According to Ravi Singhal of GCL Broking, Ashnisha Industries has recorded good growth in the first quarter that ended on June 30, 2023. The company has recently announced to foray into the renewable energy space. He said that the small cap stock can show a level of Rs 45, considering the growth

Last month, the firm had announced to build a solar power facility in Gujarat’s Surendranagar district. The facility will generate 3MW electricity.