Multibagger penny stock: Reliance funding fuels rally in Alok Industries shares by 65% in five straight sessions

Multibagger penny stock: Ever since news of Reliance Industries' funding to Alok Industries became public on 2nd January 2023, Alok Industries shares have been touching a new 52-week high for the last five straight sessions. Alok Industries' share price has been touching 52-week highs on a regular basis for the last five straight sessions as the market has gone highly bullish on the penny stock after the news of Reliance Industries investing ₹3,300 crore in the company through investment in Non-Convertible Redeemable Preference Shares of the company.

On 1st January 2024, Alok Industries shares ended on NSE at ₹21.50 per share levels. Today, Alok Industries' share price has locked in a 10 per cent upper circuit after it surged to a new 52-week high of ₹35.50 apiece. So, in the last five straight sessions, Alok Industries shares have risen to the tune of 65 per cent.

Reliance Industries' funding to Alok Industries

On January 2024, Alok Industries informed Indian stock market exchanges about RIL funding saying, "Further to our disclosure dated November 07, 2023, we wish to inform you that upon receipt of subscription money of Rs. 3,300,00,00,000/- (Rupees Three Thousand Three Hundred Crore Only) from Reliance Industries Limited, the Company has today, at around 2.00 p.m., allotted to Reliance Industries Limited 3,300,00,00,000 (9%) Non-Convertible Redeemable Preference Shares of Re.1/- each for cash at par aggregating Rs. 3,300,00,00,000/- (Rupees Three Thousand Three Hundred Crore Only), on the terms and conditions as approved by the shareholders of the Company vide special resolution passed on December 23, 2023."

Multibagger penny stock

Alok Industries shares are one of the multibagger penny stocks that the Indian stock market has delivered in the last one year. This penny stock has risen from around ₹15.30 to ₹35.50 apiece levels, logging near 130 per cent rally in the last one year.

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