Madhusudan Kela buys 28.58 lakh shares of this NBFC firm; multibagger stock surges 2800% in one year

This multibagger stock has given a consistent return for the past five years and has surged nearly 4500% in the same time frame. Ace investor Madhusudan Kela bought 28,58,027 shares of the NBFC company on February 25, as per the BSE. As per Substantial Acquisition of Shares and Takeovers (SAST) updates of the company, Kela bought 28.58 lakh shares aggregating to 83.66% in Ikab Securities & Investment Ltd between February 23 and 24. 

Shares of Ikab Securities & Investment Ltd has closed in 5% upper circuit on the BSE on Monday. Ikab Securities & Investment Ltd stock gained Rs 28.95 or by 4.99% to Rs 608.90 per share on the BSE in the previous session.  

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Though shares have given negative return of 8% in the past one month as on February 28 due to current volatility in the market, the stock has surged nearly 500% in the last three months. The NBFC scrip generated a return of over 1600% in the last six months and whooping 2800% in one year as on February 28. It gained 4370% in the past five years, nearly 1000% return a year.  

From 52-week low of Rs 20 that the stock touched on March 4, the share soared to 52-week high of Rs 730.50 per share on the BSE on January 28.  

Ikab Securities & Investment Ltd, a public limited company, was originally incorporated on 17th January 1991 as Kankani Textile Industries Ltd. Subsequently, it changed its name to Hindustan Sanforisers Limited on 19th November 1993 and later to Ikab Securities & Investment Limited on 18th June 1998. It is presently a non-deposit taking NBFC organisation, engaged in the NBFI business.  

Besides, the investor also bought 60,19,642 shares of Choice international Ltd, a leading financial conglomerate, amounting to 12.1% stake on February 23, which was reported to the BSE on February 25.