Raj Rayon Industries stock hits 52-week high, zooms 172% in 21 sessions

Shares of Raj Rayon Industries hit upper circuit of 5 per cent today amid a crash in equity market today. Raj Rayon Industries stock rose 5 per cent to Rs 8.88 (a fresh 52 week high) against the previous close of Rs 8.46 on BSE.

In fact, the micro-cap stock has gained 172.39 per cent in the last 21 days even as the broader equity market has corrected due to weak global and domestic cues during the period. Sensex crashed 1,000 points to 53,115 and Nifty tanked 312 points to 15,854 in early trade today.  

Shares of Raj Rayon Industries are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Market cap of Raj Rayon Industries rose to Rs 2.03 crore on BSE. However, trading volume was very thin with 40 shares changing hands in early trade. The share hit its 52-week high of Rs 8.88 today.

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It has gained 2,300 per cent in 2022 and risen 3,760 per cent in a year. In Q4 of the previous fiscal, 1,614 public shareholders held 36.35 per cent stake or 85.78 lakh shares in the firm. Promoters did not hold any stake in the March quarter. 20,954 public shareholders held 22,82,495 shares of the firm, amounting to a 100 percent stake in the firm.

20,248 public shareholders held 17.85 lakh shares of the firm, amounting to a stake of 78.23 per cent with individual share capital under Rs 2 lakh.

On a quarterly basis, the firm's net profit stood at Rs 672.71 crore in the December 2021 quarter against a loss of Rs 8.92 crore in the December quarter of the previous fiscal.

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Sales came at Rs 0.06 crore in Q3 of March 2022 fiscal against zero sales in Q3 of the last fiscal. It has not clocked sales in the last few periods.

Operating profit in Q3 came at (minus) Rs 1.79 crore against (minus) Rs 0.04 crore in the December quarter of 2020.

Raj Rayon Industries Limited is an India-based company, which is engaged in the business of manufacturing and trading of polyester chips, polyester yarn and processed yarn.

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