Multibagger penny stock under Rs 60: This micro-cap company receives an order worth Rs 2.28 crore from Cochin Shipyard Limited!

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 27.30 per share.

Marine Electricals (India) Limited informed that the company has received an order amounting to Rs 2.28 crore (excluding taxes) from Cochin Shipyard Limited, Kochi. The order includes the supply and services of the Addressable Food Alarm System (AFAS) for ASW SWC. The delivery period shall be over a period of 2 years.

Marine Electricals (India) Limited is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. The company is engaged in manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. 

The company has a market cap of over Rs 750 crore. According to the Quarterly Results, the net sales increased by 23.17 per cent to Rs 101.07 crore and net profit increased by 25.71 per cent to Rs 3.52 crore in Q1FY24 compared to Q1FY23. In FY23, the net sales increased by 17.82 per cent to Rs 443 crore and net profit increased by 30.77 per cent to Rs 70 crore compared to FY22.

On Friday, shares of Marine Electricals (India) Limited plunged 1.17 per cent to Rs 59 per share with an intraday high of Rs 60 and an intraday low of Rs 58.05. The stock’s 52-week high is Rs 73.85 and its 52-week low is Rs 27.30.

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 27.30 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.