At a time when the weak broader market subdued the Indian equity market consistently, several stocks on the BSE turned multibagger since the start of the calendar year 2022.
Notably, more than 10 BSE-listed microcap stocks have managed to deliver sharp returns to its investors.
Out of those, KIFS Financial Services gained the most with a jump of 207 per cent in 2022 so far. The shares rose from Rs 43.5 on December 31, to Rs 133.4 on Friday’s closing, BSE data showed.
Other stocks which witnessed a stellar uptick in prices are AK Spintex, RTCL, Daulat Securities, Sacheta Metals, Tranway Technologies, Triveni Glass, Orosil Smiths, Kellton Tech, BCL Enterprises, Ruttonsha International Rectifier, Tinna Rubber and Infra, Shanti Educational and Zodiac Energy, according to the BSE data. These stocks at least doubled during the period.
However, in the week to Friday, benchmark equity indices — Sensex and Nifty — declined around 4 per cent.
Much of the decline is led by continued selling-off by foreign institutional investors as well as rise in crude oil prices globally.
Some other BSE-listed penny stocks that managed to bag sharp gains in the recent past are SRM Energy, Alka India.