As soon as the new work order arrived, the multibagger stock Voltamp Transformers Limited saw a significant increase. Due to a 6.17 percent rise in Friday's trading session, the company's share price on the Bombay Stock Exchange reached Rs 8,566.
Voltamp Transformers manufactures heavy electrical equipment and provides related services. Recently, in a stock exchange filing, the company announced receiving a new work order worth Rs 85 crore 5 lakh from Gujarat Energy Transmission Corporation Limited. Under this tender, Voltamp will design, manufacture, test and supply various types of power transformers. The company has to complete this work within 6 months.
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Investors have received multibagger returns from Voltamp's stock in the long term. The stock price has increased 18 percent in the past month. However, the stock is down 1 percent compared to the past year. But investors have received 609 percent returns from this stock over the past five years.
Market analysts are optimistic about the growth of this stock in the coming days as well. Regarding this, the research head of Lakshmishree Investment said, “This stock has formed a cup and handle pattern on the daily chart. The moving average of this stock is also in a very healthy position. The 10-day moving average is above the 20-day. Again, the 20-day moving average is above the 50-day. The railroad formation created as a result has prepared the ground for an uptrend in the coming days.”
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