But most surprising has been the rally in the shares of Bombay Oxygen Investments. This despite the fact that the company is no longer into oxygen or industrial gases of any kind. However, the term oxygen in its name has been enough to send the stock price soaring. The stock is up over 33 percent in one week, and 144 percent in one month.
According to the company's website, its primary business was manufacturing and supplying industrial Gases which was discontinued from August 1, 2019.
It was incorporated as Bombay Oxygen Corporation Ltd on 3rd October 1960, but the company's name was changed to Bombay Oxygen Investments effective October 3, 2018.
"The company owns substantial financial investments in the form of shares, mutual funds & other financial securities and the income from such financial investments is the source of revenue of the company," its website says.
The company has been issued a Certificate of Registration from the Reserve Bank of India dated December 31, 2019, for carrying on the business of Non-Banking Financial Institution (NBFC) without accepting Public Deposits.
On Monday, the shares of Bombay Oxygen Investments rose 5 percent upper to its 52-week high of Rs 24,574.85. There were only buyers for the stock.
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Above is a classic example of herd behaviour and crowd mentality when people are rushing to buy oxygen generating companies in the wake of lack of oxygen in the hospitals.
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