Multibagger Stocks | Multibagger stock is doubling the money rapidly, rush for stock buying – Hindi News
Multibagger Stocks | Indian stock markets have rallied after the US Federal Reserve cut interest rates. The Sensex closed at 84,544.31 on Friday, up 1.63 per cent. The market remained at an all-time high and strong buying activity was seen in some stocks. Among the well-bought stocks were shares of Hi-Tech Pipes Ltd. The stock, which has been giving multibagger returns for the past one year, closed at Rs 205 yesterday, up nearly 5 per cent. The multibagger stock rose sharply a day earlier and hit a 52-week high of Rs 207.80 intraday. Interestingly, foreign institutional investors have recently increased their stake in Hi-Tech Pipes shares by 400 per cent.
Hi-Tech Pipes Limited – Multibagger Share
Hi-Tech Pipes Limited is a leading company in India's steel industry, producing and distributing steel products through an extensive network of over 5,000 retail outlets. The company has a total production capacity of 750,000 MTPA across six advanced manufacturing units. The company has set a target to increase production to 1 million tonnes by the end of FY 2025 as part of its strategic expansion plan. The stock was trading 0.85% down at Rs 204 on Monday (September 23, 2024).
FIIs increase stake
Foreign institutional investors have recently increased their stake in Hi-Tech Pipes. As of March 2024, FIIs held 1.95% in this multibagger stock, which increased to 8.72% in the June 2024 quarter. FIIs bought 1,24,80,000 shares in July 2024. Since the news broke, the stock has risen steadily, posting 66% gains in the last six months. Shares of Hi-Tech Pipes Ltd rose 5 per cent yesterday, while the multibagger stock rose 8.10 per cent in the previous day. The stock has delivered a 165 per cent multibagger return so far from its 52-week low of Rs 79.06 per share. The stock price has gained 134% in the last one year.
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