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Thursday, October 5, 2023

multibagger stock: Up 1,500% in 2 years! This multibagger smallcap hits 5% upper circuit post Q4 results

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Shares of smallcap firm Servotech Power Systems hit the 5% upper circuit after the company reported a 363% jump in net profit at Rs 6.05 crore for the March quarter, compared with Rs 1.30 crore in the same period the previous year.

Its revenue from operations stood at Rs 115.3 crore in Q4 FY23, up 125.8% year-on-year (YoY) as compared to Rs 51.06 crore in Q4 FY22.

Other income during the quarter surged to Rs 4.67 crore as against Rs 4 lakh in the previous year period. The company’s total revenue rose 134% YoY to Rs 119.98 crore for the March quarter. The same was Rs 51.1 crore in the same quarter of last year.

ServoTech Power Systems’ shares have rallied 72% in the last six months, whereas the stock has surged 242% in the last one year. Even in the last one month, the stock is up by 33%. It has delivered multibagger returns to investors, with the stock clocking over 1500% rally in the last two years.

“Investors can accumulate at current levels considering the consolidation of price in the range of Rs 52-60. Crossing this can create some upward momentum. Investors are hereby advised to place a strict stop loss of 5-6% from the Current Market Price (CMP) considering the volatile nature of the stock,” Manoj Dalmia, founder and director of Proficient Equities, said.

Technically, ServoTech Power Systems is trading above eight out of eight SMAs. The day RSI (14) is at 61.7. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at 3.9, which is above its centre line, but below the signal line.

Earlier in January, ServoTech Power Systems announced the sub-division of its equity shares in a 1:5 ratio.

New Delhi-based Servotech Power Systems is a leading manufacturer and distributor of EV charging solutions, solar products and medical devices in the country.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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