Multibagger from its 52-week low: This telecom services company receives order worth Rs 25,00,00,000 from RailTel Corporation of India Ltd!
The stock gave multibagger returns of over 300 per cent from its 52-week low.
Kore Digital Ltd announced the successful bid against RailTel’s EOI for a major project. The company be laying 35 kms of underground optical fiber cable (OFC) for a contract valued at Rs 25,00,00,000. This is a significant win, as RailTel is one of India's largest neutral telecom infrastructure providers, boasting a vast optic fiber network. The project is expected to be completed by December 2024, solidifying our presence in the rapidly expanding Indian telecom infrastructure sector.
Earlier, the Company received a new work order amounting to Rs 20 crore from Navayuga Engineering Company Limited (NECL), the flagship entity of the Navayuga Group, is an engineering and core infrastructure company. The work is expected to be completed before the first half of 2024.
Kore Digital Limited operates as a telecommunication infrastructure provider and offers high-end communication solutions to corporate and telecom network operators. According to half-yearly results, the net sales increased by 143.78 per cent to Rs 15.02 crore, operating profit increased by 216.28 per cent to Rs 4.41 crore and net profit increased by 232.26 per cent to Rs 3.11 crore in H1FY24 compared to H1FY23. According to annual results, the net sales increased by 25.59 per cent to Rs 21.27 crore and net profit increased by 47.8 per cent to Rs 3.22 crore in FY23 compared to FY22.
Today, shares of Kore Digital Ltd hit a 5 per cent upper circuit to Rs 513.95 per share from its previous closing of Rs 489.50. The stock also made a new 52-week high of Rs 513.95 per share. The company has a market cap of Rs 180.91 crore. Kore Digital Limited's stock began trading on the National Stock Exchange (NSE) as an SME on June 16, 2023, at Rs 172.35 per share. Each lot consisted of 800 shares.
The shares of the company have an ROE of 78 per cent and a ROCE of 85.9 per cent. The stock gave multibagger returns of over 300 per cent from its 52-week low of Rs 123.25 per share. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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