Heavy buying: This multibagger telecom infrastructure company secures massive orders from Mazagon Dock Shipbuilders; stock gains over 6 per cent!

Shares of the company gained more than 6 per cent on Friday.

Avantel Limited informed in the exchange filing that the company has received new orders worth Rs 4.24 crore from Mazagon Dock Shipbuilders Limited. The order involves the supply, installation, and commissioning of UHF SATCOM Systems. The order is to be executed by July 2024.

Avantel Ltd announced Q1FY24 results on Thursday. The company posted impressive Quarterly Results. The revenue of the company stood at Rs 68.95 crore which grew by 155.47 per cent YoY. The operating profit of the company stood at Rs 14.46 crore, while the PAT of the company stood at Rs 8.01 crore, representing an impressive growth of 82.86 per cent YoY.

Avantel Limited has also delivered multibagger returns to its shareholders. During this period, the company’s share price jumped from Rs 89.61 on July 17, 2020, to Rs 868 on July 14, 2023, an increase of about 800 per cent in three years holding period. While in the last one year, the stock has gained more than about 230 per cent.

Avantel Ltd specializes in microwave subsystems, digital radios, and satellite communication systems, and offers related software solutions and services. It supplies mainly to defence establishments and allied departments in the public and private sectors. The company has its registered headquarters, manufacturing facility, and R&D facility at Vishakapatnam.

The stock has shown tremendous growth, and investors should keep a close eye on this stock.