1,000% return in 2 years: This stock hits upper circuit - Here's why

Hazoor Multi Projects Share Price NSE, BSE: It has been gaining for the last seven days and has risen 54.25 in the same period. It has

The counter has hit the upper circuit for the second time this month.

Hazoor Multi Projects Share Price NSE, BSE: The share price of Hazoor Multi Projects was locked at the 10 per cent upper circuit in early trade today i.e. December 4.

Hazoor Multi Projects jumped 5 per cent to hit Rs 212.25 on the BSE as soon as the trading started today. The counter has hit the upper circuit for the second time this month. It has been gaining for the last seven days and has risen 54.25 in the same period.

The share price has been on the rise after the company received orders worth Rs 1,130 crore to upgrade and rehabilitate a section on NH-66 in Ratnagiri.

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"...received from Arawali Kante Multi Projects Private Limited (“ Substituted Concessionaire”) and authorized by The Ministry of Road Transport & Highways (“Authority”) for Rehabilitation and up-gradation of NH-66 (old NH-17) from Km.241/300 to Km. 281/300 (Arawali to Kante section) to four lanes in the State of Maharashtra under NHDP-IV on Hybrid Annuity mode in Ratnagiri district. The projected value of aforesaid project is approx. Rs.1,129.81 crores," the company said in an exchange filing.

Another possible reason behind this surge could be its proposal to raise funds by way of issuing securities, convertible instruments and others. A meeting of the board of directors of the company is scheduled on December 6 to discuss this.

Meanwhile, the company has given a multibagger return of 1,092.42 per cent in the last one year. The counter has made investors wealthier by 8634.57 per cent in the last three years.

Earlier, the company reported a 45.8 per cent rise in its September quarter net profit at Rs 13.79 crore.

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Ministry of Road Transport & Highways NSE