Alok Industries, a penny stock, has witnessed remarkable growth over the past 4.5 years, soaring from ₹1.4 in October 2019 to approximately ₹28 presently, marking a staggering 1900 percent return for its investors.
An investment of ₹10,000 in this stock in March 2020 would have burgeoned into ₹2 lakh today.
Established in 1986 and headquartered in Mumbai, India, Alok Industries Limited specializes in manufacturing and distributing textile products both domestically and internationally. Its diverse product range includes apparel fabrics, cotton and blended yarns, knitted and woven garments, home textiles, polyester yarns, and embroidery products, among others.
Over the last year, the stock has surged by 114 percent and has witnessed a 31 percent increase year-to-date in 2024. However, it has experienced a 3.5 percent decline in March, continuing the downward trend from an 11 percent drop in February. Conversely, it soared by 51.76 percent in January this year.
Currently priced at ₹28, the stock is trading approximately 28 percent below its 52-week high of ₹39.05 recorded on January 9, 2024. Nevertheless, it has surged by an impressive 156 percent from its 52-week low of ₹10.90 observed on March 28, 2023.
This significant uptrend underscores the robust market enthusiasm and favorable sentiment surrounding the stock, marking a historic achievement for the company amid prevailing market conditions.
Regarding earnings, in the December quarter (Q3FY24), Alok Industries reported a net loss of ₹215.5 crore, a slight improvement from a loss of ₹241.43 crore in the corresponding period last year. However, its revenue for the quarter declined by over 26 percent to ₹1,217 crore from ₹1,654 crore in the previous quarter of the fiscal year.
