Multibagger stock: Massachusetts Institute of Technology buys additional stake. Shares near record high

Multibagger stock: Massachusetts Institute of Technology that already holds 5.04 per cent stake in Everest Industries in June 2022 ended quarter, has bought some additional shares of the company during the period of 23rd June 2022 to 11th October 2022. As per the exchange communication available on BSE website, MIT has bought an additional 2.32 per cent stake in small-cap building solution company. After addition of these shares, MIT's net shareholding in the company has gone up to 7.36 per cent (5.04 per cent + 2.32 per cent).

Everest Industries informed stock market exchanges about additional stake buying by MIT citing, "This is to inform you that Massachusetts Institute of Technology (“MIT”) has acquired a total of 363,978 equity shares of Everest Industries Ltd. ("Company") during the period between 23 June 2022 and on 11 October 2022, which coupled with the previous acquisitions, which has crossed the 2% threshold for the purpose of Regulation 29(2) of the Takeover Regulations."

Giving details of MIT buying stake in Everest Industries Ltd, the exchange communication informs that MIT bought 363,978 shares of the multibagger stock in the period of 23rd June 2022 to 11th October 2022. It further revealed that the fresh shares bought by MIT is to the tune of 2.32 per cent of total paid up capital of the company.

After the newsbreak of MIT buying stake in the small-cap company, Everest Industries shares started to surge northward and came close to its record high of ₹903.80 apiece on NSE. Everest Industries share price today opened upside and went on to hit intraday high of ₹894 apiece, just ₹15 away from its life-time high. However, this stock has a history of giving stellar return to its shareholders.

In year-to-date (YTD) time, this small-cap stock has delivered 45 per cent return whereas in last one year, it has ascended near 90 per cent. However, post-Covid rebound, it has appreciated to the tune of 550 per cent in near two years time.