Sharika Enterprises - Multi-bagger Penny Stock that was locked in the Upper Circuit

During Tuesday’s trading session, the benchmark indices experienced a negative trend, with the BSE Sensex Index declining by 0.15% and settling at 62,260. However, in contrast, the broader market demonstrated a positive performance, with the BSE Mid-cap Index witnessing a 0.90% increase and the BSE Small-cap Index showing a rise of 0.60%.

Despite the overall mixed market conditions, the shares of Sharika Enterprises Ltd stood out significantly. The stock price surged by 20%, triggering the upper circuit limit and reaching Rs 9.36 per share. This surge made Sharika Enterprises Ltd one of the top gainers on BSE. It is noteworthy that the stock has reached a 52-week high of Rs 14.80 and a 52-week low of Rs 4.21, indicating the price range the stock has fluctuated over the past year.

The sharp increase in the stock price of Sharika Enterprises Ltd can be attributed to the recent order they received from LS Cable India Private Limited. This order entails the supply of OPGW (48 Fiber) with a total quantity of 2,000 kilometers. The value of the order amounts to Rs 24.69 crore. According to the terms, the company is expected to fulfill the order within a timeframe of 6 months from the issuance of the Letter of Intent (LOI). This significant business opportunity has positively impacted the stock price of Sharika Enterprises Ltd.

Sharika Enterprises Ltd is a company engaged in various business activities, primarily operating in the infrastructure sector. The company is involved in the manufacturing and supply of a wide range of products and services, including power transmission equipment, telecom infrastructure solutions and renewable energy systems. The shares of the company saw a spurt in volume by more than 10 times on BSE.

The stock gave multi-bagger returns of 140% in just 3 years. Investors should keep an eye on this micro-cap stock.