52-week high alert: Heavy buying witnessed in this micro-cap stock below Rs 100. Do you own it?

The stock has shown positive traction as it has given more than 57 per cent returns in the past one month

On Thursday, shares of RKEC projects rallied more than 14 per cent to trade on a new 52-week high value of Rs 79.50. The scrip witnessed massive spurt in volume. 

The company’s consolidated sales in the December quarter 2022 rose 303 per cent to Rs 114.54 crore. Net profit of RKEC projects increased by a massive 623.81 per cent from the corresponding quarter last year to Rs 10.64 crore. 

RKEC projects ltd is engaged in the business of civil works and specialized marine works, construction of roads, buildings, bridges & flyovers, survey works under Unmanned Aerial Systems, etc. The company operates its core contracting business mainly in projects of marine/ offshore structures, roads & bridges, buildings & infrastructure, electrification etc. 

The clients of the company include Defence Sector, Railways, Adani, Vedanta Limited, ESSAR, etc. As on March 31, 2022 the company was awarded 3 projects worth Rs 519 crore and was working on 10 projects amounting to Rs 1580 crore. The un-executed order book stood at Rs 1140.4 crore.  

The Company has a strong revenue visibility for the coming years. Moreover, the Company has been exploring bids for projects and is expected to add good number of fresh orders going ahead. This makes the Company well placed to better execute its projects and further look for opportunities in this space leading to increase in profitability. 

The stock has shown positive traction as it has given more than 57 per cent returns in the past one month. Keep a close eye on this trending stock.