This Auto Components Stock Doubles Investors' Money In Less Than 11 Months; Hits Fresh ATH

Auto stocks are said to be in a better spot now as they will be beneficiaries of cyclical changes. Likewise, this small cap auto ancillary stock Rolex Rings in trade today has hit fresh all time high of Rs. 1830 per share. The stock as against the previous close of Rs. 1771.8 has spurted by 3.28%. Moreover the broader markets have also fared on the back of positive global cues with the Nifty hitting 16100 levels.

Rolex Rings based out of Gujarat is among the leading manufacturers of forged and machined components in India. It is an ace development partner manufacturing high-quality, world-class, customized automotive components as well as bearing rings for a huge base of clientele spread across the globe.

The company made its debut last year on August 9, 2021 listed at a premium at Rs. 1249 as against the IPO issue price of Rs. 900 apiece.So, considering fresh high its doubling of investors' money in less than 12 months time.

At the time of IPO subscription, the stock garnered outstanding subscription to the tune of 130 times. Since then it has generated whopping returns of 103%, resultantly been a multibagger IPO when most of the big IPOs including LIC IPO faded deeply.

Recently HDFC Securities initiated coverage on the stock and said margins are likely to stabilise around the current level for the company. The record demand outlook for the company's product line has been triggering gains for the stock for quite some time.

Also, the stock is currently trading above its 200 DMA which signals bullishness in the counter.