New Delhi. Big deceptions are also caused by the name. An example of this was seen recently. When the stock of an NBFC company saw a jump of 157% in two months. The stock was seen not because of the company’s quarterly figures or better earnings, but because of oxygen in the company’s name. The entire company owns Bombay Oxygen Investment Limited. When its truth was revealed, the company’s shares fell on Tuesday. In fact, people considered this company to be an oxygen making company whereas it is an NBFC company. Now investors have started booking profits in the company’s stock.
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Landed below 52 weeks high
When the market opened on Tuesday, the company’s stock rose sharply to Rs 25,000. During the trading session, the company’s stock went up 52 weeks at Rs 25,500. When the investors came to know about the truth of this company, profit booking started and closed with a lower circuit of 5 per cent. By the time the market closed, the company’s stock fell by Rs 1228.70 to Rs 23,346.15.
157 percent increase
The shares of the company have seen an increase of 157 per cent since February 1. On 1 February, the price of one share of Bombay Oxygen Investments was Rs 9965 which increased to Rs 25,500 on 20 April. If we talk only about April, then the shares of the company have seen a rise of more than 120 percent. According to the data, on April 1, the price of 1 share of the company was Rs 11,255, which reached the trading session of Rs 25500 on the 21st.
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Why the company’s stock rose
According to experts, this rise in the company’s stock has not been seen due to the company’s strong fundamentals, balance sheets or earnings growth. While the oxygen in his name is due to the word. The company used to supply industrial gas till August 2019, which it had left about 2 years ago. On the other hand, due to increasing cases of corona virus, there is a huge shortage of oxygen. At the same time, the company has the word Oxygen, because of this, investors felt that it produces oxygen.