Multibagger Stock Ashnisha Industries Hit 5% Upper Circuit; More Steam Left?

A small-cap firm with a market valuation of more than Rs 185 Cr is Ashnisha Industries. A public limited company based in India, Ashnisha Industries Limited is principally involved with the production and trade of steel and steel alloys. On Thursday, Ashnisha Industries' shares began flat at Rs 18.05 per share and hit a 5% upper circuit of Rs 18.95 during the morning deals.

Ashnisha Industries Share Price History

The scrip made a 52-week-high of Rs 25.72 on (06/06/2023) and a 52-week-low of Rs 4.31 on (12/10/2022), indicating that at the current market price the stock is trading at a discount of 26.32% from the 1 year high and has gained 339.67% from the 1 year low. The stock price climbed from Rs 0.94 to the current market price during the past five years, resulting in a multibagger return of 1,913.83%.

The stock price jumped from Rs 0.27 to the current market price during the past three years, resulting in a multibagger return of 6,259.06%. The stock price soared from Rs 4.31 to the current market price during the course of the last year, resulting in a multibagger return of 339.21%. On a year-to-date basis, the scrip has gained 14.04% so far in 2023.

Ashnisha Industries Financials

On a consolidated basis, the firm reported revenue from operations of Rs 2.55 crore in the first quarter of 2023, which is a rise of 1.56% from Rs. 2.51 crore in the first quarter of 2022. Its net profit for the first quarter of FY24 was Rs. 0.31 crore, up 2094.41% from Rs. 0.01 crore in Q1 FY23, and its EBITDA is at Rs. 0.39 crore, up 50% from Rs. 0.26 crore in the same period of FY23. On a standalone basis, the company reported a net sales of Rs 2.18 crore in June 2023 quarter up 313.43% from Rs. 0.53 crore in June 2022 quarter. Its PAT climbed by 19.81% from Rs. 0.25 crore in Q1FY23 to Rs. 0.30 crore in Q1FY24.

Ashnisha Industries News

Last month, Ashnisha Industries announced that it will build a solar power facility in Gujarat's Surendranagar district. The facility will be able to produce 3MW. In order to build a solar power plant that would deliver electricity to households and businesses, the firm has signed a Letter of Intent (LOI).

Ashnisha Industries Share Price Target

Ravi Singhal, CEO, GCL Broking said, "As we can see stock is showing out performance continuously. Shares of Ashnisha are set to witness high growth with targets of Rs. 45."