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Business News/ Markets / Stock Markets/  Multibagger alert: Electronics Mart India share price surges over 240% in 18 months; is there more steam left?
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Multibagger alert: Electronics Mart India share price surges over 240% in 18 months; is there more steam left?

Multibagger stock: Electronics Mart India stock price surged over 240% since market debut. Company reported revenue growth of 21% in Q3FY24. Analysts predict stock to consolidate near ₹160-170 levels before potential upside to ₹220.

Multibagger stock: Electronics Mart India stock price opened at an intraday low of ₹197.15 and touched an intraday high of ₹203.05 apiece on BSE. Premium
Multibagger stock: Electronics Mart India stock price opened at an intraday low of 197.15 and touched an intraday high of 203.05 apiece on BSE.

Multibagger stock: Since making its market debut on October 17, 2022, the Electronics Mart India share price rocketed by more than 240%. The investors who were allocated shares would have earned more than 36,000 today over the course of around 18 months. The Electronics Mart India stock price gained over 2% today in a high-choppy session. The stock opened at an intraday low of 197.15 and touched an intraday high of 203.05 apiece on BSE. 

Electronics Mart India share price saw a stellar debut on NSE on October 17, 2022. It opened at a premium of 52.54%, at 90 apiece, above the issue price of 59 per share. Later, it closed the first day at 84.5 apiece, up 43.2%.

Also Read: Electronics Mart India shares make strong market debut, list at premium

The company offers a broad range of products, with a focus on small appliances, IT, mobile devices, major appliances (air conditioners, TVs, washing machines, and refrigerators), and other things.

In April of this year, Electronics Mart India opened a new multi-brand store in Telangana and Andhra Pradesh under the brand name "Bajaj Electronics" and started operating business.

Also Read: Multibagger Stock: Polycab India jumped over 270% in 3 years, rallied 725% in 5 years; should you invest?

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In March, the firm also opened for business at Rajouri Garden, Delhi, with its new multi-brand specialised store, which will be branded "Audio & Beyond," and also opened two new multi-brand stores in the NCR and began to operate them.

According to the company's exchange filing, revenue increased significantly in Q3FY24, up 21% year over year to 1,789 crores, and by 16% year over year to 4,791 crores for the first nine months of FY24.

For  Q3FY24, the company's EBITDA was Rs. 115 crores, and for the full nine months of FY24, it was Rs. 342 crores. For Q3FY24, EBITDA margins were 6.4%, and for the whole nine months of FY24, they were 7.1%.

Also Read: Stock market today: Multibagger Dolly Khanna portfolio stock Selan Exploration hits lifetime high despite sharp sell-off

Profit after taxes (PAT) grew by 109% year over year in Q3 FY24 to 46 crores from 22 crores, and by 65% on year in the nine months of FY24 to 143 crores from 87 crores.

As per trendlyne data, Electronics Mart India stock price rose 174.4% and outperformed its sector by 103.53% in the past year.

Ruchit Jain, Lead Research Analyst at 5paisa, said that the stock has been in an uptrend on the longer-term charts. However, in the near term, it could consolidate within a range, as it seems to be going through a time-wise corrective phase. The support for declines is placed in the range of 160–170, while resistance is seen around 220.

According to Dr. Ravi Singh, SVP, Retail Research, Religare Broking Ltd the stock is holding well above the short-term moving average in the weekly time frame, which indicates bullish momentum with a potential upside of 250 levels. 

Also Read: Piccadily Agro Industries: This stock surged over 3800% in 3 years, gained 850% in a year; should you buy?

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

 

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Published: 16 Apr 2024, 02:36 PM IST
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