The Indian share market has been in a downtrend for many months, with the benchmark indices, the BSE Sensex and the NSE Nifty, falling nearly 6% in the calendar year 2022 due to a slew of factors such as aggressive policy tightening, geo-political tension, higher crude prices, and fund outflows by foreign investors. The market has corrected around 11% from its all-time highs touched in October last year, with the Sensex tumbling 10.8% from its record high level of 62,245 on October 19, 20221, to 55,537 in intraday trade today.

However, some stocks have outperformed the benchmark indices during these turbulent times and turned to multibaggers. Shipping company Knowledge Marine & Engineering Works (KMEW) is one such stock that has defied gravity and delivered more than 800% returns to its shareholders in the past 9 months. The share price of KMEW, which made its market debut in March 2021, has risen 839% during this period, with the stock rebounding from its 52-week low of ₹41.80 on October 7, 2021, to an all-time high of ₹392.40 in intraday today. In simple terms, if you had invested ₹1 lakh in this stock in October last year, you would have got ₹9.39 lakh today.

Formed in 2015, Knowledge Marine & Engineering works is a relatively new company engaged in marine crafts and marine infrastructure engineering and construction work. The company made its stock market debut in March last year after raising around ₹10 crore at an issue price of ₹37 per cent share in the initial public offer (IPO). The stock currently trades on BSE SME Platform, which is specified for small and medium-sized companies with high growth potential.

On Monday, KMEW share price opened higher at ₹346.95 against the previous closing price of ₹327 on the BSE. Extending opening gains, the microcap stock gained as much as 20% to hit its upper circuit limit of ₹392.40. There was a surge in volume as 2.72 lakh shares changed hands over the counter on the BSE as compared to the two-week average volume of 0.16 lakh scrips. The market capitalisation of the stock surged to ₹401.66 crore. In contrast, the BSE Sensex closed 306 points lower at 55,766 levels.

Last month, the shipping company bagged a contract worth ₹67.85 crore, taking its entire order book to race past ₹250 crore mark, for capital dredging at Mangrol Fishing Harbours Phase III from the state-owned Dredging Corporation of India (DCI). The order is slated to be completed in two stages, whose timeline ends on June 15, 2023. Also, the contract can be extended if the quantity of work increases by more than 20%, KMEW said in a regulatory filing.

At the beginning of the current financial year, KMEW had an order book of ₹182 crore and with the new order win, it has zoomed to ₹250 crore. The company expects to register a turnover of more than ₹125 crore in the current fiscal year, by completing half of the order book. Also, the company claims that there would be no additional capital expenditure incurred by the company.

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