Multibagger penny stock: Reliance funding fuels rally in Alok Industries shares by 65% in five straight sessions

Ever since news of Reliance Industries' funding to Alok Industries became public on 2nd January 2023, have been touching a new 52 week high for the last five straight sessions. Alok Industries' share price has been touching 52 week highs on a regular basis for the last five straight sessions as the market has gone highly bullish on the penny stock after the news of Reliance Industries investing 3,300 crore in the company through investment in Non Convertible Redeemable Preference Shares of the company.

On 1st January 2024, Alok Industries shares ended on NSE at 21.50 per share levels. Today, Alok Industries' share price has locked in a 10 per cent upper circuit after it surged to a new 52 week high of 35.50 apiece. So, in the last five straight sessions, Alok Industries shares have risen to the tune of 65 per cent.

Reliance Industries' funding to Alok Industries On January 2024, Alok Industries informed Indian exchanges about saying, "Further to our disclosure dated November 07, 2023, we wish to inform you that upon receipt of subscription money of Rs. 3,300,00,00,000/ (Rupees Three Thousand Three Hundred Crore Only) from Reliance Industries Limited, the Company has today, at around 2.00 p.m., allotted to Reliance Industries Limited 3,300,00,00,000 (9%) Non Convertible Redeemable Preference Shares of Re.1/ each for cash at par aggregating Rs.

3,300,00,00,000/ (Rupees Three Thousand Three Hundred Crore Only), on the terms and conditions as approved by the shareholders of the Company vide special resolution passed on December 23, 2023." Multibagger penny stock Alok Industries shares are one of the that the Indian has delivered in the last one year.

This penny stock has risen from around 15.30 to 35.50 apiece levels, logging near 130 per cent rally in the last one year. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.