MULTIBAGGER STOCK 2021: This stock has doubled investors' money in nine trade sessions

MULTIBAGGER STOCK 2021: At a time when share market investors are getting news about Rakesh Jhunjhunwala portfolio shares making whopping money post-budget 2021, there are some other stocks too that are not amongst the Big Bull's portfolio but they have broken the expectations of market experts. Magma Fincorp is one such share that has given whopping returns to its shareholders.

As per Magma Fincorp share history, Magma Fincorp share price closed at Rs 45.15 levels on 29th January 2021, which was the last trade session of January. Then from February 1st to February 11, in nine straight trade sessions, Magma Fincorp share price has appreciated more than 100 per cent from its 29th January 2021 close. As per the BSE date, Magma Fincorp share price had closed at Rs 93.55 per share mark.

Today, Magma Fincorp share price is trading at Rs 98.20, around 5 per cent up from its 11th February 2021 close.

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Reason for rise in Magma Fincorp share price

Speaking on the reason for such a robust return coming in from this NBFC, stock Avinash Gorakshkar, Head of Research at Profitmart Securities said, "This rise in Magma Fincorp share price is due to the positive sentiments coming in from the Adar Poonawala Group buying a stake in it. The Pune-based Group has said that it is acquiring a controlling 60 per cent stake in Magma Fincorp by subscribing to a Rs 3,456-crore preferential issue. The Poonawalla Group, better known due to its linkages with Serum Institute of India, has a fledgeling NBFC arm called Poonawalla Finance, which lends mostly to professionals."