LIC-backed multibagger telecom infra stock at Rs 2.71 hit upper circuit and 52-week on June 24, 2024

The stock gave multibagger returns of 235 per cent in just 1 year whereas BSE Small-cap Index is up by only 62 per cent.

On Monday, the BSE Sensex Index closed on a positive note, up 131 points or 0.17 per cent at 77,341 and the Nifty-50 Index also closed on a positive note, up 37 points or 0.16 per cent at 23,538. Considering broader markets, the BSE Small-Cap Index surged 0.27 per cent to a level of 52,078.

One of the Top Gainers on BSE today, shares of GTL Infrastructure Ltd were locked in 5 per cent to Rs 2.71 per share from its previous closing of Rs 2.59. The stock also made a fresh new 52-week high of Rs 2.71 per share while its 52-week low is Rs 0.70. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces. 

GTL Infrastructure Limited is a leading telecommunication tower company in India, providing telecom services such as infrastructure sharing and energy management. With a vast network of over 28,000 telecom towers operating across 22 telecom circles in India, GTL Infra is known for its high network availability and uptime. They are also recognized for their commitment to social contribution, with initiatives in disability, education, health, community development, and employee volunteerism. 

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Talking about the financials, GTL Infrastructure Ltd has a market cap of Rs 3,471 crore. The company did not perform well in its Quarterly Results (Q4FY24) and annual results (FY24). In Q4FY24, the company did net sales of Rs 331.1 crore, down 12.4 per cent compared to net sales of Rs 377.87 crore in Q4FY23. The company reported a net loss of Rs 214.7 crore in Q4FY24 compared to a net loss of Rs 755.9 crore in Q4FY23. In FY24, reported net sales of Rs 1,372 crore against net sales of 1,457.9 crore in FY23, down 6 per cent. The company reported a net loss of Rs 681.4 crore in FY24 compared to a net loss of Rs 1,817 crore in FY23.

As of March 2024, Life Insurance Corporation of India (LIC) owns a 3.33 per cent stake in the company. The stock gave multibagger returns of 235 per cent in just 1 year whereas BSE Small-cap Index is up by only 62 per cent. Investors should keep an eye on this small-cap telecom infra stock.

Investors should keep an eye on this telecom stock for upcoming trading sessions.