Goyal Aluminiums stock hits new 52-week high on industrial plot allotment

The stock of Goyal Aluminiums has been under the spotlight for the last few months as it has delivered multibagger returns to the investor. The stock hit a new 52 week high on Wednesday after the company announced the allotment of an industrial plot to one of its associate companies from the Greater Noida Industrial Development Authority.

Its associate company, Wroley E India, has been given an industrial plot of 4000 square meters sqm for Rs 5.97 crore in Ecotech-XI. In an exchange filing, the company said that it had begun an expansion of a new plant for manufacturing Electrical Machinery Apparatue.

After the announcement, the shares of Goyal Aluminiums rose about a per cent to Rs 338.10 on Wednesday, hitting its new 52 week high. The scrip had settled at 335 on Tuesday. The company's market cap was less than 500 crore.

Shares of Goyal Aluminiums have gone up more than 350 per cent from its 52 week low of Rs 74.95 on September 20, 2022. The stock has gone up by 75 per cent on a year-to-date basis, and the scrip has delivered a return of 25 per cent in the last month.

Goyal Aluminiums plans to set up a new electric vehicle manufacturing plant with an investment of 200 crore. The company has recently announced its move into the electric vehicle segment through a newly incorporated venture, namely Wroley E India.

Low-speed and electric scooters will only be produced for the domestic market. The Central Institute of Road Transport CIRT has approved the company to launch the first high-speed electric scooter in April of this year.

Goyal Aluminiums is a leading manufacturer of aluminum coil, aluminum sheets, aluminum sections and other aluminum parts and is involved in the business of trading and distribution as well.