Multibagger Speciality Chemicals Penny Stock To Buy: More Upside Seen From Current Levels

Value buying is seen to take over amid the highly volatility as well as various factors that currently influence the markets. Amid it if you get a recommendation on a penny stock that is priced below Rs. 5, what can be a better deal than it.

So, here is a penny stock that has been given a 'buy' recommendation by stock market experts:

Multibagger penny stock that surged 197% in 1-year and is seen to be a multibagger for 2022

This stock we are going to disclose soon below has had a superb run in the last 1-year and on a YTD basis has rallied again 69%. Experts now suggest that this scrip is close to its breakout levels and can hit a price of Rs. 11.6 per share in the near term.

Anuj Gupta, Vice President at IIFL Securities said, "Technically, the stock is showcasing bull trend. It has breached consolidation zone and looking highly bullish on chart pattern. Currently, it is trading above the consolidation zone and can go up to ₹10 and then ₹12 in short term."

Company’s Q3fy22 performance:

The company in the concluded December quarter reported a net profit of Rs. 3.43 crore as against Rs. 0.65 crore in the previous quarter. Revenue from operations at the company also advanced remarkably on a Year on year basis to Rs. 75.26 crore.

About the scrip:

Vikas Ecotech is a small cap company as per the latest AMFI market cap categorisation. The company as per its website is a leading provider of high end speciality chemicals. The company takes pride in using innovative technologies to tackle the most pressing challenges of the current times.

The company is into trading and distribution of petroleum and petrochemical products in India. Also it manufactures various products used in plastics, rubbers, and paints. It manufactures methyltin mercaptide, tin tetrachloride, poxidised soya bean oil, thermoplastic rubbers, 2-ethyl hexyl thioglicolate, and carbon black products.

Disclaimer:

Note markets are highly volatile and the recommendation in the stock is made by experts given its technicals. Please consult your financial investors before taking any such risky calls.