Penny stock under Rs 10 hit upper circuit and 52-week high on stellar Q1FY24 results and bags order from Oil and Natural Gas Corporation Limited!
The stock is up 30.67 per cent in just 1 month and over 70 per cent in 3 months.
On Tuesday, the benchmark indices ended the trading session in the red with BSE Sensex Index down by 0.16 per cent at a level of 65,846.50. Out of 3,755 stocks traded, 1,813 stocks had advances, 1,802 stocks had declined and the rest 140 stocks were unchanged.
Despite being the market in the red, shares of Madhav Infra Projects Limited zoomed 5 per cent upper circuit to Rs 7.03 per share from its previous closing of Rs 6.70 per share. The stock also made a new 52-week high of Rs 7.03 per share with a spurt in volume by more than 3.10 times on BSE.
The company's stock price suddenly rose after it announced strong Quarterly Results and bags order from a leading Oil & Gas company. Details below:
Quarterly Results: In Q1FY24, the company witnessed substantial growth across its financial indicators. The net sales increased by 51.34 per cent reaching Rs 119.36 crore. The operating profit increased by an impressive 84.27 per cent amounting to Rs 19.45 crore. The net profit experienced a remarkable 688 per cent increase reaching Rs 7.70 crore. Consequently, the earnings per share (EPS) for the quarter stood at Rs 0.31.
Order News: The company has been awarded a Letter of Acceptance (LOA) for the design, engineering, procurement, construction, installation, commissioning, associated transmission system, and operation and maintenance of a 15 MW (AC) solar photovoltaic grid-connected power plant from Oil and Natural Gas Corporation Limited (ONGC)-Ankleshwar. The order is worth Rs 117,91,65,498 or Rs 117.92 crores and will be completed in 12 months from the Letter of Intent (LOI).
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Madhav Infra Projects Limited is engaged in the business of infrastructure development and solar power generation. It is the in-house EPC arm of the Madhav group. The company has a market cap of Rs 190 crore. The shares of the company have a PE of 5.56x and a ROE of 23 per cent.
The stock is up 30.67 per cent in just 1 month and over 70 per cent in 3 months. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.