Multibagger stock: Singapore-based FII buys stake in Balu Forge after 225% rally in YTD

Stock in focus: Balu Forge shares are one of the multibagger stocks that Indian stock market has delivered in 2023. In year-to-date (YTD) time, this multibagger stock has surged from around ₹66.50 apiece levels to ₹228.70 apiece levels, delivering over 225 per cent return in YTT time. However, some big institutional investors still see upside in the stock. Singapore-based foreign institutional investor (FII) Sixteen Street Investing has made investment in this multibagger stock. As per the information available on BSE website, the FII has bought 2.32 per cent stake in this multibagger stock despite whopping return in recent sessions.

As per the exchange filing by Balu Forge Ltd, Singapore-based FII — Sixteen Street Investing — has bought 25 lakh shares of the company paying ₹183.60 per equity share. This means, the Singapore-based FII has Balu Forge shares worth ₹45.90 crore. After investing ₹45.90 crore in this multibagger stock, the FII now owns 2.32 per cent of total paid up capital of the multibagger stock. The FII bought these shares through preferential share allotment by the share allotment committee of the company.

Balu Forge share price history

As mentioned above, Balu Forge shares are one of the multibagger stocks that Dalal Street has produced in 2023. Balu Forge share price today climbed to a new 52-week high of ₹228.70 apiece on BSE. In last one month, this stock has delivered to the tune of 25 per cent return to its positional investors. In last six months, this multibagger stock has risen from around ₹86.25 to ₹228.70 apiece levels, delivering more than 155 per cent return to its long term investors. In last one year, this multibagger stock has almost tripled quadrupled investors money by delivering over 290 per cent return to its shareholders.

The multibagger stock is available for trade on BSE only. Market cap of this BSE listed multibagger stock is ₹2,142 crore and its current trade volume is 2,12,770 and near four hours of trade is still left in Tuesday session. Its 52-week high is ₹228.70 and its 52-week low is ₹53.50 per equity share.

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