Multibagger stock: Singapore-based FII buys stake in Balu Forge after 225% rally in YTD

livemint.com:

Stock in focus: Balu Forge shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this multibagger stock has surged from around ₹66.50 apiece levels to ₹228.70 apiece levels, delivering over 225 per cent return in YTT time. However, some big institutional investors still see upside in the stock.

Singapore-based foreign institutional investor (FII) Sixteen Street Investing has made investment in this multibagger stock. As per the information available on BSE website, the FII has bought 2.32 per cent stake in this multibagger stock despite whopping return in recent sessions. As per the exchange filing by Balu Forge Ltd, Singapore-based FII — Sixteen Street Investing — has bought 25 lakh shares of the company paying ₹183.60 per equity share.

This means, the Singapore-based FII has Balu Forge shares worth ₹45.90 crore. After investing ₹45.90 crore in this multibagger stock, the FII now owns 2.32 per cent of total paid up capital of the multibagger stock. The FII bought these shares through preferential share allotment by the share allotment committee of the company.

As mentioned above, Balu Forge shares are one of the multibagger stocks that Dalal Street has produced in 2023. Balu Forge share price today climbed to a new 52-week high of ₹228.70 apiece on BSE. In last one month, this stock has delivered to the tune of 25 per cent return to its positional investors.