Penny stock below Rs 10: This micro-cap company bags new order worth Rs 61,40,00,000 from J&K Power Transportation Ltd (JKPTCL)!

The stock is up by 75 per cent from its 52-week low of Rs 4.21 per share.

Today, one of the Top Gainers on BSE, shares of Sharika Enterprises Ltd hit 10 per cent upper circuit to Rs 7.38 per share from its previous closing of Rs 6.71. The shares of the company saw a spurt in volume by more than 1.23 times on BSE.

The company have received a Turnkey project from J&K Power Transportation Limited (JKPTCL) at Sumbal, District Ganderbal, Jammu and Kashmir in joint venture. This milestone underscores Sharika Enterprises' unwavering commitment to innovation, fortifying Z-Morh Tunnel connectivity, and enhancing vital links to Ladakh.

The order includes the design, manufacturing, supply, erection, testing & commissioning of a state-of-the-art 2 x 10 MVA, 132/33 kV gas-insulated substation at Sumbal, District Ganderbal and will be completed within 6 months from LOA.

Sharika Enterprises Ltd., a veteran in the power sector, is dedicated to revolutionizing the industry with decades of experience in transmission and distribution. They've also become a major player in solar power, collaborating with diverse entities and implementing numerous solar projects in recent years. Sharika Enterprises is a driving force in shaping the future of power.

The company has a market cap of Rs 32 crore. According to Quarterly Results, the net sales increased by 150 per cent to Rs 11.57 crore in Q2FY24 compared to Q2FY23. The company reported a net loss of Rs 1.89 crore in Q2FY24.

The stock is up by 75 per cent from its 52-week low of Rs 4.21 per share. Investors should keep an eye on this micro-cap stock.

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