In 11 days, investors’ roof-breaking income! Do you own a share of a rocket-powered company?

Mumbai: You must have heard many times that investors get rich by investing money in the stock market. However, one stock has made investors rich in just a few days. Shares of Shriram Asset Management Company hit the upper circuit once again on Monday. The stock price rose 10 percent to 231.90 on the Mumbai Stock Exchange. With this, the stock made a new performance in its favour. Shares of Shriram Asset Management Company are on the rise for the last 3 days. On the strength of this rally, the stock has become the first multibagger stock of 2023. A multibagger share is a stock that returns 100% or more to the investor over a specified period of time.

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Strong returns at the beginning of the year
Shriram Asset Management has become the first stock to return 100 percent or more to investors since the beginning of 2023. The company’s shares were priced at Rs 110.15 on January 1, which touched a level of Rs 231.90 on Monday. Thus, since January 1 till date, it has returned around 110.53% to its investors.

How much return to investors?
That is, if an investor had invested Rs 1 lakh in this stock on the first trading day of 2023 and had not sold the share now, the value of his Rs 1 lakh would have increased by 110% to Rs 2.10 lakh.

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What is the reason for the boom in shares?
After the board approved the appointment of Karthik Jain as the new Managing Director and Chief Executive Officer of the company, the shares are trading on a bullish note. Meanwhile, the appointment of Karthik Jain will give new direction to its brand’s customer strategy and improve business efficiency, the company said. Prior to Sriram joining AMC, Karthik Jain was Head of Product, Platform and DigiBank at DBS Bank India. Apart from this, he is also working as CMO of HDFC Bank and Head of Marketing and E-Channel Team of ICICI Lombard General Insurance.

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Shriram AMC, a part of the Shriram Group, trades under the name Shriram Mutual Fund. The company manages assets of around Rs 2.25 lakh crore. In August 2022, the company reshuffled its business after selling its 23 percent stake to American firm Mission1 Investments.

(Note: The information provided here is for informational purposes only and should not be considered as investment advice. Investing in the market is subject to risk. So, always seek expert advice before investing.)