Shares of this multibagger stock are seen locked in the upper circuit of the morning session with no sellers.
Shares of Jyoti Resins are expected to gain on exchanges in line with broader markets in Monday’s trading session on an intraday basis. The actions of multibagger Jyoti resins are seen locked in the upper circuit during the morning session without vendors.
Shares of Jyoti Resins are trading up 5% at Rs 2,589 per share. In one month, Jyoti Resins shares jumped 9%, moving in line with the markets. BSE Sensex has jumped over 9% in the past month. Shares of Jyoti Resins, however, more than doubled in 2022 itself and caught the attention of investors.
Jyoti Resins and Adhesive Ltd is a national synthetic resin adhesive company and has offered its investors outstanding returns of 1,963% over the past two years! During this period, the share price of the company has steadily increased from Rs 117 on June 2, 2020 to Rs 2414.60 on June 2, 2022.
The company manufactures different types of wood adhesives (white glue) under the EURO 7000 brand. Launched in 2006, EURO 7000 brand is now the second best selling wood adhesive (white glue) brand in India in the retail segment.
Currently, the company is trading at a PE TTM of 49.91x, against the PE of 98.18x of Pidilite Industries Ltd, which is the market leader in the organized adhesives industry.
In FY22, Jyoti Resins achieved outstanding ROE and ROCE of 43.21% and 57.95%, respectively. In contrast, Pidilite provided an ROE and ROCE of 21.29% and 27.25%, respectively.
Shares of Jyoti Resins are trading near all-time highs. Investors can keep this multibagger stock on the watch list because a breakout in price volume after a long consolidation can push the stock price higher!