After 350% return in 6 months, this multibagger hits a new 52-week high. Here's why

Lesser-Known company Goyal Aluminiums has been under the spotlight for the last few months as the stock has delivered multibagger returns to the investor. The stock hit its new 52-week high on Wednesday after the company announced the allotment of an industrial plot to one of its associate companies from the Greater Noida Industrial Development Authority.

Its associate company, Wroley E India has been allotted an industrial plot of 4000 square meters (sqm) for Rs 5.97 crore in Ecotech-XI. The company has undertaken an expansion setting up a new plant for manufacturing Electrical Machinery Apparatue, it said in an exchange filing.

Following the announcement, shares of Goyal Aluminiums rose about a per cent to Rs 338.10 on Wednesday, hitting its new 52-week high. The scrip had settled at Rs 335 on Tuesday. However, the company's market cap was less than Rs 500 crore.

Shares of Goyal Aluminiums have surged more than 350 per cent from its 52-week low at Rs 74.95 on September 20, 2022. The scrip has delivered a return of 25 per cent in the last one month, while the stock is up by 75 per cent on a year-to-date (YTD) basis.

Goyal Aluminiums plans to set up a new electric vehicle manufacturing plant with an investment of Rs 200 crore. The company had recently announced its foray into the electric vehicle segment through a newly incorporated venture, namely Wroley E India.

Low-speed and electric scooters will only be produced for the domestic market. The company has already received clearance from the Central Institute of Road Transport (CIRT) to launch the first high-speed electric scooter in April of this year.

Goyal Aluminiums is a leading manufacturer of aluminum coil, aluminum sheets, aluminum sections and other aluminum parts and is involved in the business of trading and distribution as well.

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