Heavy Buying: This multibagger IT company reports a 430 per cent jump in net profit and declares stellar dividend!
The stock is up by 70 per cent in 1 year, 250 per cent in 2 years and over 300 per cent in 5 years.
On Tuesday, one of the Top Gainers on BSE, shares of 63 Moons Technologies Ltd jumped 10 per cent upper circuit to Rs 314.30 per share from its previous closing of Rs 285.75 per share. The stock also made a new 52-week high of Rs 314.30 per share.
The sudden surge in the stock price can be attributed to the company's announcement of remarkable quarterly outcomes. During Q1FY24, the net sales witnessed an impressive rise of 181.28 per cent, reaching Rs 115.08 crore. Additionally, the operating profit experienced a notable increase of 115 per cent, amounting to Rs 59 crore, while the net profit soared by an astounding 430 per cent, reaching Rs 39.98 crore as compared to Q1FY23. The earnings per share (EPS) for Q1FY24 were reported at Rs 8.54. The company also announced a dividend of 100 per cent or Rs 2 per equity share having a face value of Rs 2.
63 Moons Technologies Limited develops trading technologies. The company offers a trading platform for multi-asset classes such as equity, commodity, and equity and forex-based derivatives. 63 Moons Technologies provide warehousing and collateral management services worldwide.
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The company has a market cap of Rs 1,448.25 crore with a 3-year stock price CAGR of 51 per cent. The promoters of the company own 45.63 per cent of the shares, while FIIs own 5.16 per cent and DIIs own 0.12 per cent. The remaining 49.09 per cent of the shares are owned by the general public. Additionally, the stock is trading at 0.46 times its book value of Rs 676.
The stock is up by 70 per cent in 1 year, 250 per cent in 2 years and over 300 per cent in 5 years. Investors should keep an eye on this multibagger Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.