Multi-bagger stock: Shriram Pistons & Rings hits 5% upper circuit in early trade; here is why

NSE-listed Shriram Pistons & Rings shares hit an upper circuit of 5 per cent on Thursday, December 21. The stock drew investors a day after multiple block deals took place in the stock. The scrip has hit back-to-back upper circuits for the fourth straight session.

At around 9:48 a.m., shares of Shriram Pistons & Rings traded 5 per cent, or Rs 57.9, higher on the NSE at Rs 1,216.65 apiece. The market capitalisation of the company stood at Rs 5,359 crore at around the same time on the NSE.

As per block deal data on NSE, Abakkus Asset Manager LLP, Abakkus Diversified Alpha Fund, Abakkus Emerging Opportunities Fund, Abakkus Growth Fund, and AL Mehwar Commercial Investments L.L.C. bought a total of 39 lakh shares in the company.

On the other hand, K S Kolbenschmidt Gmbh sold 39 lakh shares at Rs 1,103.6 per share in the Shriram Pistons & Rings.

In the second quarter, from July to September, the company reported a profit of Rs 113 crore, up from Rs 72.98 crore a year ago. The total income for the quarter stood at Rs 774.63 crore against Rs 664.01 crore year-on-year (YoY).

Shriram Pistons & Rings manufactures pistons, pins, rings, and engine valves in India, with two manufacturing units in Ghaziabad, Uttar Pradesh, and Pathredi (Rajasthan). Its products are marketed to almost all OEMs and aftermarkets under the brands SPR and USHA.

Shriram Pistons exports pistons and rings to Perkins, Fiat Power Train, Cummins, Yanmar, BMW, Daimler, BRP Rotax, Kubota, Wabco, Cummins, etc.

Shriram Pistons & Rings share price: Past performance

In 2023 so far, Shriram Pistons & Rings shares have given a multi-bagger return of over 101 per cent against the Nifty 50's rise of over 15 per cent. 

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