Multibagger penny stock under Rs 50: This construction company receives new order worth Rs 230 crore for redevelopment project in Mumbai!
The stock is up by 37 per cent in just 1 year and gave multibagger returns of 367 per cent in 3 years.
Today, one of the top gains on NSE, shares of Sumit Woods Ltd hit 5 per cent upper circuit to Rs 42.95 per share from its previous closing of Rs 40.95. The stock also made a new 52-week high of Rs 42.95 per share with a total quantity traded is 50,389 shares.
The sudden rise in the stock price is due to the company received a letter of intent (LOI) for a redevelopment project with Jay Shivam Cooperative Housing Society Limited to construct and re-develop a new project situated at Subhash Lane, Daftary Road, Malad (East), Mumbai - 400 097, prime location of Malad East. The approximate area for construction and re-development for the said property is 2,25,000 square feet.
The project will offer a revenue potential of approx. around Rs 230 crore, reflecting the company's commitment to innovative and sustainable urban development. This collaboration emphasizes the Sumit Group's dedication to excellence and meaningful community partnerships.
Sumit Woods Limited is a leading real estate developer in Mumbai, Thane, and Goa with over 60 completed projects. The company is in the business of taking up eco-friendly and large-scale projects like developing townships, commercial, malls, farmhouses, second-home resorts, slum rehabilitation and redevelopment projects.
The company has a market cap of over Rs 130 crore with a 3-year stock price CAGR of 74 per cent. According to the Quarterly Results, the net sales increased by 86.2 per cent to Rs 38.62 crore and net profit decreased by 14.5 per cent to Rs 0.94 crore in Q2FY24 compared to Q2FY23. In its annual results, the net sales increased by 55 per cent to Rs 101 crore and net profit increased by 240 per cent to Rs 7 crore in FY23 compared to FY22.
The stock is up by 37 per cent in just 1 year and gave multibagger returns of 367 per cent in 3 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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