Alok Industries Share Price: A Rollercoaster Ride
๐ Alok Industries, a penny stock, has been witnessing a surge in its share price in the stock market since January 2, 2024.
๐ฐ On Tuesday’s trading session, Alok Industries’ share was trading at Rs 39.05 with a 4% jump.
๐ The company’s shares have delivered an impressive 80% return to its investors in the past six trading sessions.
๐น Analysts predict that Alok Industries’ share price may touch Rs 48 in the coming days.
๐น On Wednesday, January 10, 2024, the share was trading at Rs 37.30 with a modest 0.67% gain.
๐ However, on Thursday, January 11, 2024, the share witnessed a slight decline of 1.28% and was trading at Rs 37.0.
๐ผ Recently, Reliance Industries, headed by Mukesh Ambani, invested Rs 3,300 crore in Alok Industries. Reliance purchased preferential shares in the company.
๐น Experts believe that Alok Industries’ share price is likely to witness further growth in the near future.
๐ก Considering the positive outlook, investors are advised to set a stop loss at Rs 33 and target a price of Rs 44.
๐น Analysts are optimistic that Alok Industries’ share price may touch Rs 48 soon.
๐ข On January 2, 2024, Alok Industries informed SEBI about the significant investment made by Reliance Industries in the company.
๐ค In 2020, Reliance Industries acquired Alok Industries after it was declared bankrupt. JM Financial Asset Reconstruction Company was also a partner in the acquisition.
๐ช This acquisition has strengthened Reliance Industries’ position in the textile sector.
๐ As of September 2023, Reliance Industries held a 40.01% stake in Alok Industries, while JM Financial Firm held a 34.99% stake.
Stay tuned for further updates on Alok Industries’ share price as it continues to be an exciting journey for investors. ๐
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
