New Delhi, Dec 18 (IANS): Cosmo Ferrites stocks have bagged strong and healthy returns in 2021, rising by almost 2,000 per cent.

Shares of the company rose from Rs 12 in the beginning of 2021 to Rs 247 on Friday's close.

The sharp rise in share prices helped it in becoming a multibagger stock, or those whose share prices rise exponentially over a short period of time.

Founded in 1985, the company produces ferrite cores, which is widely used in electromagnetic devices.

The company market capitalisation is worth Rs 298 crore.

The net profit of Cosmo Ferrites reportedly zoomed 800 per cent to Rs 3.51 crore in the quarter that ended in September 2021 as against Rs 0.39 crore in the same quarter in 2020.

Sales of the company rose 42.49 per cent to Rs 26.19 crore in the quarter ended September 2021 as against Rs 18.38 crore in the corresponding period in 2020.

The Centre's production-linked incentive offerings in key manufacturing sectors seemed to have supported the company's outlook.