Penny stock under Rs 50: Company bags new order worth Rs 7,47,00,000 for ring twisting machines, Stock rallies over 10 per cent today!

The company's shares have delivered a return of over 17 per cent to their shareholders in the past 6 months.

Incorporated in 2006, Meera Industries Limited manufactures and sells customized textile machinery, machinery parts, and yarns. The company has announced the significant order received by the company.

Order Details:

MEERA Industries Limited, a leading manufacturer of twisting, winding, and heat-setting machines for the textile industry, announces that it has secured a significant domestic order for Ring Twisting Machines, valued at a staggering Rs 7,47,00,000 (Rupees Seven Crore Forty-Seven Lakh). This is a major win for MEERA, solidifying its position as a leader in the technical textiles market. The advanced Ring Twisting Machines will be used to produce high-performance fabrics for a variety of industrial applications. This order underscores their commitment to developing innovative solutions that meet the evolving needs of the technical textiles industry. The value of this order speaks volumes about the growing demand for MEERA's expertise in Ring Twisting Machine technology. Fulfilling this order will not only demonstrate exceptional technical capabilities but also reinforce their dedication to exceeding customer expectations.

Share Performance:

On Wednesday, the company's share closed at around Rs 46.74 per share representing a gain of 11.60 per cent on the BSE, with a market capitalisation of Rs 49.91 crore. Additionally, the stock has delivered a return of around 17 per cent in the past 6 months. Furthermore, the company has great potential to deliver multibagger returns in the future.

Financial performance:

According to the Quarterly Results, in Q3 FY24, the company reported a revenue of Rs 7.61 crore, representing a growth of 50 per cent, and a net profit of Rs 0.46 crore. In FY24, the company reported a revenue of Rs 20.34 crore and a net loss of Rs 1.37 crore, compared to a net profit of Rs 2.67 crore in the previous year.

According to the shareholding pattern of the company, promoters hold 64.19 per cent of the company while public investors hold 35.81 per cent as per the recent update.

Investors must keep this micro-cap stock on their radar.

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