This Multibagger IT stock has given returns to shareholders since its IPO debut in July, 2023. The shares of Netweb Technologies closed 0.71% lower on Friday, June 29.
It has surged more than 415% in the last one year and is currently trading at Rs 2,575. Let us tell you that the stock was listed on exchanges last year in July, 2023.
On June 26, the stock price touched a record high of Rs 2,712 during the trading session. Brokerage firm is very confident in the stock and has recommended keeping an eye and also given a price target. Know How Far the Stock Price will go?
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Multibagger IT Stock Zoomed More than 117% YTD
The shares of Netweb Technologies has gained as much as 117.67% this year. This means it has given more than double of the invested amount within 6 months.
In the month of June, it has gained as much as 10%. Similarly the share price of Netweb Technologies increased 39.4% in May, Marginally 4.5% up in April. Also in January and February, it had a gain of 18% and 21% respectively. However, the stock price fell 5% in March.
IPO Came at Rs 500
In the month of July, 2023 IPO of Netweb Technologies was finalized. The shares get listed on stock exchanges on 27th July. Price band was set within a range of Rs 475 to Rs 500. However, it was listed at Rs 500 on the stock exchanges.
Due to the increasing demand and growth potential of the company, it has increased more than 415% from the listing price. The shares of Netweb Technologies rose from Rs 500 to the current value Rs 2,575. It has given multibagger returns of 182% in less than a year. The shares touched a 52-week high of Rs 2,712 on June 26 and 52-week low of the share is Rs 738.60.
Netweb Technologies Share Price Target
Renowned domestic brokerage firm IIFL Securities has recommended the stock as “add” and given a price target of Rs 2,680.
The company has partnered with some of the biggest names such as Nvidia, ARM etc. It is one of the leading high-end computing solution providers. As the demand for data centers is increasing, the share price will also increase rapidly, said the Brokerage firm.
About the Company
Netweb Technologies is one of the leading super computing solution providers. The company’s main business engaged with providing solutions for servers, storage, high-end computing services (HCS) etc.
Market cap of the company currently stands at Rs 14,618.49 crore. The company has very good ROE and ROCE record in the last year with 69.17% and 66.37% respectively. It has delivered a strong financial performance with a profit growth of 109.04% and sales growth 80.13% in the last year. Promoters holding is 75.04% however it has a debt of Rs 80 crore.
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