130% return in 2 years: Multibagger stock in focus as company plans expansion

Shares of Pokarna opened in green today at Rs 1136.05 on the BSE against the previous close of Rs 1103.20. The counter gained further to touch the high of Rs 1150 to trade close to the 52-week high of Rs 1,180.40. However, it fell down to the low of Rs 1040. Last seen, the counter was trading at Rs 1046.50.

The stock of the company, which has a market cap of Rs 2,231 crore, has a 52-week low of Rs 419.10.

Shares of multibagger stock Pokarna are in focus as the company has announced a strategic investment of Rs 440 crore. According to the company, the investment is aimed at meeting the growing demand for premium quartz surfaces globally.

With this expansion, PESL will launch its third Bretonstone production line from Italy's Breton S.p.A., setting new standards for capacity and environmentally friendly production.

Meanwhile, equity benchmark indices declined in early trade on Wednesday amid retail inflation soaring to a 14-month high of 6.21 per cent in October and unabated foreign fund outflows.

Muted quarterly earnings and weak trends in global markets were also the spoilsport for the markets, traders said.

The BSE benchmark Sensex declined 239.69 points to 78,435.49 in early trade. The NSE Nifty went down 103.15 points to 23,780.30.

From the 30-share Sensex pack, Mahindra & Mahindra, Maruti, Tata Steel, Sun Pharma, Nestle, and ITC were the biggest laggards.

Titan, HDFC Bank, Bharti Airtel, and NTPC were among the gainers.

Retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices.