Penny stock at Rs 22 and promoters sold 3,03,39,541 shares: This micro-cap company bags new orders worth Rs 69.33 crore from various clients across India

According to the shareholding pattern of December 2023, the promoters sold 3,03,39,541 shares or 31.80 per cent stake.

Ultracab (India) Ltd informed that the company has bagged multiple orders worth Rs 69.33 crore from various clients across India. The orders are received from well-known PSU, public companies and private companies such as MSEDCL (Maharashtra State Electricity Distribution Co. Ltd), Hindustan Zinc, Jain Irrigation, Toshiba, Sterling & Wilson and Tata Power, etc.

The orders include the supply of various sizes of LT power and control cables which will be delivered within 9 months.

Ultracab has a very strong presence in the product segment and has prestigious corporate buyers like TATA Group, Adani Group, Jindal Group, Vedanta Group, Different departments of Indian Railways and other PSU companies like NTPC, SAIL, PGCIL, BPCL, MRPL, BSNL and many more.

Ultracab is the leading manufacturer and exporter of electric wires and cables in India, and growing in leaps and bounds since incorporation. Ultracab has been working in this domain for more than 24 years. They have the latest technology and advanced machinery for manufacturing technically sound quality products.

Today, shares of Ultracab (India) Ltd were locked in a 5 per cent upper circuit from its previous closing of Rs 20.32 to Rs 21.33 per share. The stock has a 52-week high of Rs 29.84 and a 52-week low is Rs 11.49. The shares of the company saw a spurt in volume by more than 1.12 times on BSE. Additionally, on January 19, 2024, 2 bulk deals took place on BSE, wherein TOPGAIN FINANCE PRIVATE LIMITED bought 9,00,000 shares at Rs 18.40 per share and MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED bought 8,18,342 at Rs 18.40 per share.

Ultracab (India) Limited has a market cap of over Rs 200 crore. Talking about the financials, it reported excellent quarterly and annual results. In comparison to Q2FY22, net profit increased by 105.11 per cent in Q2FY23. In FY21, the net profit was only Rs 2.04 crore, but it increased by 53.64 per cent to Rs 3.14 crore in FY22.

According to the shareholding pattern of December 2023, the promoters sold 3,03,39,541 shares or 31.80 per cent stake. Currently, promoters own 27.89 per cent stake and rest of the stake is owned by the general public i.e. 72.11 per cent.

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