Bombay Oxygen Investments share cost has skyrocketed a enormous 133% in much less than one month, as the nation grappled with a sudden surge in demand for oxygen. Investors fervently purchased shares of firms linked to making oxygen, seeing greater income generation as covid-19 situations continued to surge in India. However, Bombay Oxygen Investment, a prime beneficiary of the trend is no longer in the oxygen production business enterprise but alternatively is a non-bank economic organization (NBFC). The stock cost of Bombay Oxygen Investments slipped 5% on Tuesday to trade at Rs 23,346 apiece as investors realised the harsh reality.
Bombay Oxygen Investments, a non-deposit taking non-bank economic organization, has a market place capitalisation of Rs 350 crore. Earlier the organization was recognized as Bombay Oxygen Corporation but the name was changed in the third quarter of the economic year 2019. On the organization web site, the firm states that its main business enterprise was manufacturing and supplying Industrial gases till August 2019, following which the very same was discontinued. “The Company owns substantial financial investments in the form of shares, mutual funds and other financial securities and the income from such financial investments is the source of revenue of the Company,” Bombay Oxygen stated.
The share cost of Bombay Oxygen Investment was trading at flat from the starting of the year till March 25. The stock was quoting Rs 10,000 on March 25 and considering the fact that then began galloping greater to attain a 52-week higher of Rs 25,500 earlier on Tuesday.
Sensing the uncharacteristic movement in the stock cost of Bombay Oxygen Investments, BSE did seek clarification from the organization on April 8. Bombay Oxygen Investments had then told the stock exchanges and informed investors that the movement in the share cost of the organization was market place-driven and the Company was in no way connected with any movement in cost. Although the share cost did see a tiny correction following BSE sought clarification from the organization, on the other hand, this did not appear to have troubled investors who considering the fact that then helped the stock surge yet another 27%.
Meanwhile, other firms that had been in the oxygen-making business enterprise nonetheless continue to see powerful traction on the stock exchanges. The share costs of National Oxygen, Bhagwati Oxygen, Linde India, and Gagan Gases had been up in the green.