Multibagger Plastic Sector Stock Hits 20% Upper Circuit As Dolly Khanna Raises Stake

Small cap plastic sector stock, Prakash Pipes Ltd on Monday hit 20% upper circuit as investor Dolly Khanna increased her stakes in the firm from 2.78% to 3.24% in June quarter. When a stock hits its upper circuit, trading in that particular stock is temporarily suspended in order to prevent investors from buying the stock at exaggerated prices that may lead to a market bubble. Prakash Pipes shares witnessed a surge of 124% in last 3-months. Last trading price of Prakash Pipes shares on BSE is Rs 405.05 per share. Check details below:

Prakash Pipes Share Witnesses Sharp Rally Today: According to details available on BSE, ace investors Dolly Khanna holds 7.74 lakh shares after she bought 1.08,628 lakh shares, or 0.46 percent stake, in the company. Now she has 3.24% stake in the company.

Prakash Pipes Stock Performance & Return: Current market price of Prakash Pipes share on BSE is Rs 405.05 per share after the stock hit 20% upper circuit and traded new 52-week high. Prakash Pipes shares saw spurt in volume today by more than 3.45 times. Prakash Pipes stock hit new 52-week high on October 12 and October 13 on BSE. Prakash Pipes shares gained 62% in last 1-week only, soared 124% in last 3-months, and gained 138% in last 1-year. Prakash Pipes stock surged 153% in last 2-years and rallied 504% in last 3-years.

The stock's 52-week high price is Rs 405.05 per share and 52-week low price is Rs 134.00 per share, respectively. The company's market capitalisation is Rs 968.81 crore.

Prakash Pipes Recent Financial Performance: The company for the quarter ended June 30, 2023 announced a decline of 8.55% in its net sales to Rs 175.56 crore YoY as against Rs 191.98 crore in June 2022. The net profit fell 26% to Rs 18.47 crore. The company's EBITDA fell to Rs 24.37 crore in June 2023, down 38.19% YoY.

Prakash Pipes About: The company's promoter, Shri Ved Prakash Agarwal, has been in the business of manufacturing PVC Pipes and Fittings since 1981. Over the years, Prakash has emerged as a trusted brand for PVC Pipes and Fittings in the market, owing to our utmost focus on quality. We manufacture a wide range of products such as Agri Pipes, Column Pipes, Plumbing Pipes, Casing Pipes, SWR Pipes, Garden Pipes and their related Fittings. Our products find application in irrigation, drainage, housing, and sanitation.

Disclaimer: The stock just highlights the upper circuit and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.