Stock Market

Penny Stocks that Turned into Multi-Baggers in 2020

Created on 05 Jan 2021

Wraps up in 5 Min

Read by 21.6k people

Updated on 10 Sep 2022

Every year the whole world welcomes the new year with zeal and enthusiasm, hoping for it to bring new opportunities and better, brighter days. However, the welcome of 2021, was extra enthusiastic and extra hopeful. And we all know why that was.

The year 2020 seemed like a destructive scene from an apocalyptic movie. With forest fires, gas leaks, explosions, social movements like the BLM movement, US elections, deaths of significant social personalities and of course, the one that topped it all, the novel coronavirus. It had been a year of great disruption for the entire world. 

The year had also been a roller coaster ride for the financial world as well. The emergence of the novel coronavirus shut the whole world in their own homes, leading to great difficulties for people belonging to all different professions and disturbing economies across the globe. Well, the sections that suffered due to this pandemic are known to all; however, in those dark times, there were some in the financial world who saw brighter days.

A year to be remembered for stock market investors, 2020 came out with big surprises. Among those surprises were penny stocks that turned into multi-baggers!

So, let's check out which were these lucky stocks.

1. CG Power & Industrial Solutions

CG Power and Industrial Solutions Limited was previously known as Crompton Greaves Limited. It is an Indian multinational company which is engaged in design, manufacturing, and marketing of products related to power generation, distribution, and transmission. It was established in Mumbai and is a part of the famous Murugappa Group. 

The stock of CG power and industrial solutions has risen by 299% to Rs 43.20 as of December 24, 2020, from 10.82 on December 31, 2019.

2. Alok Industries 

Alok Industries Ltd is an Indian textile manufacturing company based in Mumbai. It is an ISO 9001:2000 certified company. The main business activity of Alok industries involves weaving, knitting, processing, home textiles, ready-made garments and polyester yarns. The company exports around 26% of its products to over 90 countries in Europe, South America, Asia, the US and Africa. Reliance Industries Ltd and JM Financial Ltd took over this company right after having acquired it in bankruptcy proceedings. 

The stock of Alok Industries Ltd. has risen by 602% to Rs 21.35 as of December 24, 2020, from Rs 3.04 on December 31, 2019.

3. Karda Constructions 

Karda construction is a Nashik based company which was founded by its promoter Mr Naresh Karda, back in 1994. Later, it was incorporated in 2007 as Karda Constructions Private Limited. The company has an experience of more than 2 decades in the construction industry.

The core business activities of this company include real estate development - residential projects and residential projects cum office space as well as construction contracts. 

The stock of Karda Constructions has risen 376% to Rs 113.10 as of December 24, 2020, from 23.74 on December 31, 2019.

4. Subex 

Subex Limited is an enterprise software company based in Bangalore, India. It delivers digital trust products to communication service providers. The company is listed on BSE and NSE in India.

Subex provides digital solutions for 75% of the top 50 telcos of the world. Founded in 1992, it consults to global telecom and carriers for operational excellence and business transformation by driving fresh revenue models, improving the customer experience and optimizing the enterprise as well. 

The stock of Subex has risen 403% to Rs 29.70 as of December 24, 2020, from Rs 5.90 on December 31 2019. 


5. Kellton Tech Solutions 

Kellton Tech Solutions Ltd. (KTSL) is an India based information technology and outsourcing company headquartered in Hyderabad, with overseas offices in the United States and Europe. The company documented net revenues of Rs. 7.39 billion with more than 1400 employees till now. 

The stock of KTSL has risen 301% to Rs 72.40 as of December 24, 2020, from Rs 18.05 on December 31, 2019. 

6. RattanIndia Infrastructure 

RattanIndia Infrastructure Limited is a holding company which is committed to setting up its power project in India for the purpose of generation of thermal power. RattanIndia infrastructure is pursuing consultancy options in generation, transmission and distribution of the power. 

The stock of RattanIndia Infrastructure has risen 253% to Rs 6.61 as of December 24, 2020, from Rs1.87 on December 31, 2019. 

7. Jaiprakash Associates 

Jaypee Group's Jaiprakash Associates is a well-varied and diversified infrastructural industrial empire in India. The company is an assorted infrastructure coalition with business interests into engineering & construction, cement, power, real estate, expressways, fertilizer, healthcare, sports, hospitality, information technology and education (not-for-profit).

The stock of Kaylee group has risen 214% to Rs 6.16 as of December 24, 2020, from Rs 1.96 on December 31, 2019. 

8. Tata Teleservices (Maharashtra) 

Tata Teleservices (Maharashtra) Limited spearheads the Tata Group's existence in the telecommunication sector. Tata Teleservices (Maharashtra) Limited is one among the leading mobile telecom service providers providing mobile connectivity and services to consumers all over Mumbai and Maharashtra circles.

The stock of this company has risen 237% to Rs 7.59 as of December 24, 2020, from Rs 2.25 on December 31, 2019. 

9. Marksans Pharma 

Marksans Pharma is a global pharmaceutical company. The company is actively committed to R & D and also offers customer relationship and asset management systems (CRAM) to global pharmaceutical companies. 

The stock of Markson's Pharma has risen 247% to Rs 58.05 as of December 24, 2020, from Rs 16.71 on December 31, 2019. 

10. Bombay Rayon Fashions 

Bombay Rayon Fashions Ltd. (BRFL) is a vertically integrated textile company which was founded back in 1986. It is committed in the manufacture of a broad range of fabrics and garments from the state of the art production facilities. BRFL is on the brink of completing 25 years in the fabrics industry.

The stock of Bombay Rayon Fashions limited has risen 220% to Rs 13.44 as of December 24, 2020, from Rs 4.20 on December 31, 2019. 


"Luck is a great factor in the success of a business". This statement seemed true for the stocks of the above companies, which turned into multi-baggers during the deadly pandemic of the novel coronavirus. 

While other businesses were starving during these hard times, these were the companies which rose above that darkness and functioned to see the light of the day.

So, if you are a trader and are in search of a moderate company for investment, then the above companies are certainly worth your consideration.

Happy (and smart) investing!! 

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Shristi Jain

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Shristi is the Yuvraj Singh of the Finology team. There is absolutely nothing that she cannot do. From beating the bests in table tennis to starting random Twitter spaces for product teams, she has got everyone's back! While she is a great mother to Finology Ticker, she also likes to write sometimes. As a side job, she likes to roast people. 

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