Rs 84 to Rs 1,134: This electrical stock turned into a multibagger in 2023; stuck in lower circuit today

Shares of Spectrum Electricals Industries Ltd have delivered multibagger returns in 2023. The stock, which closed at Rs 83.90 on December 30, 2022 surged to a high of Rs 1134.25 on NSE today, clocking over 1252% returns during the period. The stock is not listed on BSE. In comparison, the benchmark Nifty has surged 14.38% during the period. The electrical sector stock hit an all-time high of Rs 1212.25 on December 4, 2023. It has lost 6.43% from the record high in the current session.  

Spectrum Electricals Industries stock was stuck in the lower circuit of 5% at Rs 1134.25 today against the previous close of Rs 1193.95 on NSE. Market cap of the firm slipped to Rs 1714 crore. Total 1,000 shares of the firm changed hands amounting to a turnover of Rs 11.34 lakh on NSE. The stock had a beta of 0.2,   indicating very low volatility in the last one year.     

In terms of technicals, the relative strength index (RSI) of Spectrum Electricals Industries stands at 70.6, signaling the stock is trading in the overbought zone. Spectrum Electricals Industries shares are trading higher than the 10 day, 20 day, 50 day, 100 day and 200 day moving averages.           

In a year, the stock has gained 1,463 per cent.  

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Spectrum Electricals Industries reported a net profit of Rs 8.4 crore for the March 2023 fiscal against Rs 7.7 crore in the March 2022 fiscal. Consolidated revenue from operations rose to Rs 258.3 crore in the last fiscal against Rs 252.5 crore in the March 2022 fiscal. 

About Spectrum Electricals   

Spectrum Electrical Industries designs and manufactures electrical, automobile, and irrigation components. The company offers MCB base and cover, distribution board, AC box, modular electric board panels, lamp angle holders, and assemblies, as well as provides surface coatings, metallic stamping, and plastics molding services. 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions. 

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