Rs 8,770 lakh capex plan: Multibagger refractories manufacturing stock locked in 20 per cent upper circuit on stellar Q1FY24 and H1FY24 results!
The stock gave multibagger returns of 101 per cent in just 6 months and over 180 per cent in 1 year.
On Thursday, one of the Top Gainers on BSE, shares of Vesuvius India Ltd were locked in 20 per cent upper circuit to Rs 3,218.70 per share from its previous closing of Rs 2,682.25. The stock also made a fresh new 52-week high of Rs 3,218.70 per share with a spurt in volume by more than 4.08 times on BSE.
The sudden rise in the stock price was due to the company announcing its Quarterly Results and half-yearly results ended June 30, 2023 with a capex plan: Details are below:
Quarterly Results: The net sales increased by 22.87 per cent to Rs 405.05 crore and net profit increased by 77.51 per cent to Rs 52.24 crore in Q1FY24 over Q1FY23.
Half-yearly Results: The net sales increased by 20.51 per cent to Rs 772.96 crore and net profit increased by 80.15 per cent to Rs 95.59 crore in H1FY24 over H1FY23.
Capex Plan: A proposal for a Capex of approx. Rs 8770 Lakhs (to be funded through internal accruals) for setting up a new plant for manufacturing of Monolithics Refractory at Anakapalli (Visakhapatnam), Andhra Pradesh. This plan will increase the company's annual capacity by 1.2 lakh tonnes. The additional capacity will be added by September 2024.
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Vesuvius India Ltd is primarily engaged in the manufacturing and trading of refractory goods. It also provides services in relation to refractory goods. It has operations in India and caters to both domestic and international markets. The company has a market cap of Rs 6,533 crore and has been maintaining a healthy dividend payout of 21.70 per cent.
The stock gave multibagger returns of 101 per cent in just 6 months and over 180 per cent in 1 year. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.