Penny stock under Rs 75: This auto ancillary company expands its EV-sector footprint with an order worth Rs 13,60,000 from Kalyani Technoforge Ltd
The stock is up by 7.3 per cent from its 52-week low of Rs 65.20 per share.
Kranti Industries Limited, a leading automotive component manufacturer, has secured a new business deal with Kalyani TechnoForge Limited, a domestic entity. This order, valued at approximately ₹13.6 lakh, signifies a crucial step in Kranti Industries' expansion within the domestic electric vehicle (EV) sector. Under the terms of the contract, Kranti Industries will provide precision-engineered components for electric vehicles. The company will initially produce sample parts, which will be submitted to Kalyani TechnoForge Limited for approval within four to five weeks. Upon successful approval, Kranti Industries will commence full-scale production.
This collaboration with Kalyani TechnoForge Limited underscores Kranti Industries' commitment to growing its presence in the rapidly evolving EV market. The order is categorized as a job work contract and involves the supply of components to be utilized in electric vehicles. The specific timeline for order execution will be determined as per the details outlined in the purchase order. The contract's total value amounts to ₹13.6 lakh, marking a significant addition to Kranti Industries' order book and contributing to its overall business growth.
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About the Company
Kranti Industries Limited (KIL), a BSE-listed company with over four decades of experience, is a globally recognized precision component manufacturer. Holding IATF 16949:2016 and ISO 9001:2015 certifications, KIL caters to leading OEMs in tractors, construction equipment, automotive, and electric vehicle sectors. With three advanced facilities in Pune equipped with 80 production machines and state-of-the-art machining centers, KIL provides end-to-end solutions, showcasing its expertise in crafting innovative components.
Talking about the financials, Kranti Industries has a market cap of Rs 80 crore. According to the shareholding pattern, the promoters of the company own a 69.10 per cent stake in the company and the rest 30.90 per cent stake is owned by the public with a total of 3,802 shareholders as of June 2024. The promoters increased their stake to 69.10 per cent in June 2024 compared to 69.03 per cent in March 2024.
On Friday, shares of Kranti Industries Ltd plunged 0.47 per cent to Rs 69.92 per share with an intraday high of Rs 70.98 per share and an intraday low of Rs 69.26 per share. The stock is up by 7.3 per cent from its 52-week low of Rs 65.20 per share and investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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