Stock market today: Multibagger textile company company has replied to the BSE that sharp upside in the counter is completely ‘market driven’
Stock market today: Despite weakness in markets for last 3 trade sessions, AK Spintex share price has hit 5 per cent upper circuit on previous 3 sessions whereas it has opened with an upside gap of over 4 per cent today. In fact, the textile stock has emerged one of the few multibagger stocks in 2022 as it has surged from ?27.95 (close price on 31st December 2021 on BSE) to ?80.90 (today's high at BSE), logging around 190 per cent rise in just 14 trade sessions of the New Year 2022. When asked about the reason for such sharp rise in the counter, the company replied to BSE that the rise in counter is completely 'market driven.'
Replying to the BSE query in regard to sharp upside swing in AK Spintex share price in recent sessions, the company management replied, "With reference to your Email dated January 05, 2022 regarding clarification on price movement, we hereby submit that the company has always disclosed, to the stock exchange, all the material information, which has a bearing on the operational/performance of the company including all necessary disclosures in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations’) within the stipulated time."
"We hereby further submit that we are not aware of the reason of significant movement in the price of our shares. The movement in the share price is purely market driven and may be combination of various factors including market conditions. We would like to reiterate that the Company has always and will continue to adhere to the compliance required under the Listing Regulations and other applicable laws," AK Spintex replied to BSE.
AK Spintex share price history
The BSE listed multibagger stock had a closing of ?27.95 per shares on 31st December 2021 whereas AK Spintex share price today opened with over 4 per cent upside gap hitting intraday high of ?80.90 apiece levels. So, in just 14 trade sessions in 2022, this BSE listed textile stock has delivered multibagger 190 per cent return to its shareholders.
The multibagger stock has remained sideways for near one year but has given sharp upside moves in last one month giving stellar return to its shareholders. In last one month, AK Spintex share price has shot up from ?21.55 to ?80.90 apiece levels, logging around 260 per cent rise in this period.
Impact on investment
In search of multibagger stocks for 2022, if an investor had invested ?1 lakh in this textile stock one month ago, its ?1 lakh would have turned to ?3.60 lakh today. Similarly, if an investor had invested ?1 lakh in this textile stock at the beginning of New Year 2022 buying each stock at ?27.95 levels, its ?1 lakh would have turned to ?2.90 lakh today.
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