This stock outperforms Suzlon giving 380 per cent over the past year

August 17, 2024

On Friday, Dalal Street witnessed a powerful resurgence as the bulls took control, propelling key indices to their best closing levels since August 5, 2024. The NSE benchmark Nifty50 index soared past the 24,500 mark, reflecting renewed investor optimism. This rally was fueled by a series of encouraging economic indicators from the United States, including positive data on inflation, jobless claims, and retail sales, all suggesting that the US Federal Reserve could steer the world’s largest economy towards a soft landing, avoiding a recession.

All sectoral indices ended the day with significant gains, led by strong performances in the information technology, automobile, banking, metal, and real estate sectors, each rising between 1.5 and 3 percent. The buying momentum also extended to the broader market, with the Smallcap and Midcap indices each gaining nearly 2 percent.

Among the top performers was Suzlon Energy, one of India’s leading renewable energy companies. Suzlon’s shares rebounded strongly from intraday lows, closing up 4.14 percent on Friday. However, the real standout was Monotype India Ltd., a penny stock priced under Re 1, which outperformed Suzlon. Monotype India’s shares surged 4.4 percent, closing at Rs 0.96 per share on the BSE. Despite its low price, the stock trades at a price-to-earnings (PE) ratio of 12.4x and boasts an impressive return on capital employed (ROCE) of 438 percent.

What’s even more intriguing about Monotype India Ltd. is its multibagger performance over the past year, delivering a staggering 380 percent return, far surpassing Suzlon Energy’s already impressive 294.81 percent gain. This substantial 86 percent margin highlights Monotype India as a stock to watch closely in the market.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.