The market is falling down. Shares of companies named Oxygen remain the choice of investors. However, these companies have nothing to do with the gas business.
Shares of companies named oxygen on the sky
It is often said that the stock market works on the perception of investors. The market gets OxGene only from investor perception. But during the second wave of the current Coronavirus, when the market is falling down, shares of companies named Oxygen remain the choice of investors. However, these companies have nothing to do with the life saving gas business.
Bombay Oxygen Investments Ltd. on Monday at BSE. (Bombay Oxygen Investments) shares reached the upper circuit limit of Rs 24,574.85. This stock is under observation. In such a situation, the maximum benefit limit is 5 percent.
Bombay Oxygen share price doubled
Something similar happened in the stocks of other companies called gas and oxygen. All these companies are under investigation for any possible disturbances. There has been a tremendous jump in the stock of Bombay Oxygen in the last few days. The value of the company’s stock has more than doubled to Rs 10,000 at the end of March.
Industrial gas production stopped in August 2019
However, it has been clarified on the company’s website that it was founded on October 3, 1960 by Bombay Oxygen Corporation Ltd. As it happened. But from October 3, 2018, he changed his name to Bombay Investments Ltd. Had done it. The company has said that its main business was the manufacture and supply of industrial gas, which it has stopped from August 1, 2019.
Market analysts say that there is a contradiction in the company’s website. The company no longer does oxygen business. But oxygen and other industrial gases are mentioned in the product segment.
This much profit in the third quarter
However, the Mumbai-based company is depicted as a Non-Banking Finance Company (NBFC) on the BSE. In the quarter ended December 31, 2020, the company’s total income was Rs 33.79 crore and profit was Rs 31.69 crore. The company’s market cap is currently Rs 368 crore.
These stocks also gained momentum
In the last two weeks, there has been a sharp jump in the stocks of Oxygen, such as Linde India, Bhagwati Oxygen and National Oxygen. These companies do not manufacture oxygen, but due to the increasing demand for oxygen during the Corona period, their stocks have increased.
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