Multibagger stocks: Up 980% in 2023 so far, this stock turns ₹10,000 into ₹1.08 lakh in less than a year
Empower India have given extraordinary returns to their investors in 2023 following the record high streak of the Indian market despite multiple headwinds such as the Russia-Ukraine war, the Israel-Hamas war, peak global inflation, rising crude prices, peak US 10-year yield, and consumption slowdown. However, continued foreign and domestic investor inflows, improving macros and the possibility of the incumbent government returning to power kept the markets resilient. Penny stock Hemang Resources proved to be resilient and gave massive returns.
The stock surged from ₹0.15 in December last year to around ₹1.6 currently, rallying as much as 980 percent year-to-date (YTD). This implies that an investment of ₹10,000 in this penny stock in December last year would have turned into ₹1.08 lakh this year. The rise in its stock price came on the back of a significant rise in its profit and revenue over the past few quarters.
Of the 12 months of 2023 (considering December so far), the stock gave positive returns in ten, was flat in one (Jan) and was in the red in just 1 month (May 2023). It gave double-digit returns in 7 of the 10 months it was positive in. The stock rallied the most in March, surging almost 94 percent, followed by June, when it soared 86 percent.
The stock started the year on a flat note and was completely muted in January. After that, it was positive for 3 straight months till April. It then fell 12.5 percent in May and was positive for the next 7 months from June till December so far.
Between June and December, the stock advanced 478 percent. In December so far, it has added over 29 percent. The stock hit its 52-week high of ₹1.62 on December 26.
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