Penny stock under Rs 80: Machine parts company bags order worth Rs 1,00,00,000 from Carraro India Limited
The stock is up by 28.8 per cent from its 52-week low of Rs 59 per share
Kranti Industries Limited has secured a significant milestone by receiving approval from Carraro India Limited to initiate series production for components designed specifically for the CL2 and CL3 Projects. This approval is projected to yield an annual revenue of approximately Rs 1,00,00,000. A formal Purchase Order (PO) outlining specific terms and conditions is anticipated to be issued by Carraro India Limited. These domestically sourced machine parts, specifically Differential Housings, will be manufactured and delivered according to the timeline specified in the upcoming PO.
Earlier, the company secured a significant business deal with CNH Industrial (India) Private Limited. The company has been awarded a Business Nomination Letter for the development and supply of three new products: Knife, Arm HD, Frame Knotter Assy and Latch Assy. This new business will strengthen Kranti Industries' position in the Agri Implements sector. The total annual value of this contract is Rs 83,12,921, inclusive of tooling costs. The order is domestic, requiring the supply of fully finished machined castings. The development and sample submission deadline is December 2024, with subsequent supplies adhering to specific schedules. It's noteworthy that Preciso Metall Pvt Ltd, a subsidiary of Kranti Industries, will supply the raw castings required for this project.
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 centres, KIL provides end-to-end solutions, showcasing its expertise in crafting innovative components.
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Talking about the financials, Kranti Industries has a market cap of Rs 84 crore. According to the shareholding pattern, the promoters of the company own a 69.12 per cent stake in the company and the rest 30.88 per cent stake is owned by the public with a total of 3,902 shareholders as of September 2024.
On Wednesday, shares of Kranti Industries Ltd gained 2 per cent to Rs 75.99 per share from its previous closing of Rs 74.51 per share. The stock is up by 28.8 per cent from its 52-week low of Rs 59 per share and investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.