Multibagger stock that has surged 2300% in 5 years to foray into e-scooter space
2 min read 06 Mar 2023, 08:06 AM ISTMultibagger stock: Small-cap company has announced to foray into the electric vehicle segment through the newly incorporated venture namely Wroley E India
PremiumMultibagger stock: Shares of Goyal Aluminiums Ltd are one of the multibagger stocks that Indian stock market has produced in last six months. This small-cap stock with a market cap of around ₹400 crore has almost tripled shareholders' money in this period as the multibagger stock has risen more than 200 per cent on BSE in this period. However, in last five years, this stock has surged from around ₹11.50 to ₹280 apiece levels, giving more than 2300 per cent return to its shareholders.
The multibagger stock is in news these days for foraying into the electric vehicle segment through the newly incorporated venture namely Wroley E India. According to an exchange filing, the Goyal Aluminiums will manufacture electric scooters and low-speed scooters for the Indian market. The company in a statement said that the decision is in line with the government's initiative of 'Clean India and Green India' in view of the rising levels of pollution. Wroley E India has secured sanction for financing from Shri Ram Finance to offer customers financing solutions to purchase its electric scooter in monthly installments.
"This will make it easier for customers to choose e-scooters over existing fuel-mechanic vehicles in the two-wheeler segment," the statement said.
The company has plans to launch high-speed electric scooters in April this year, for which it has secured approval from the Central Institute of Road Transport (CIRT).
Goyal Aluminiums share price history
In last one month, this small-cap multibagger stock has surged from around ₹214 to ₹280 apiece levels, ascending to the tune of 30 per cent in this time. In last six months, this small-cap stock has risen from 90 to ₹280 per share levels, logging more than 200 per cent in this time. In YTD time, this stock has risen around 45 per cent while in last one year, it has shot up to the tune of 225 per cent.
Goyal Aluminiums share price outlook
According to Ravi Singhal, CEO, GCL Broking, Goyal Aluminium shares are showing strength on daily and weekly charts with most of the momentum indicators in the bullish zone and well supported with volume growth. The stock has the potential to touch ₹350 - ₹400 levels in the short term.
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