Upper circuit alert: Penny stock under Rs 40 bags new orders worth Rs 188.88 crore!

The order is more than the market capitalization of the company.

On September 13, 2023, Niraj Cement Structurals Limited informed in the exchange filing that the company and Patel JV have received a work order for the construction of interchange cum Road over Bridge (ROB) at LC-236 (Kutch Salt Junction) on NH41 (Phase - l) in the state of Gujarat under EPC mode (Flyover Work) from M/s. Indian Port Rail & Ropeway Corporation. The order is worth Rs 188.88 crore which is more than its market cap of Rs 151 crore. Owning to the positive news, shares of Niraj Cement Structurals Limited were locked in the upper circuit on Wednesday, gaining about 5.00 per cent.

Niraj Cement Structurals Limited is engaged in the business of construction of projects with end-to-end solutions across domains such as Transportation, Urban Infrastructure, BRTS Projects, Industrial Infrastructure, and Irrigation. They also provide technical and financial assistance to the sub-contractors.

It has been in the business of speciality engineering construction and infrastructure for the past 3 decades. They have won laurels for working in the most hostile working conditions in Orissa. The company also contributed to the prestigious Mumbai-Pune Expressway and the Worli Sea Link projects

In the recent quarter, the revenue of the company for Q1FY24 stood at Rs 99.07 crore which grew by 23.6 per cent YoY. The operating profit of the company stood at Rs 1.26 crore, while the PAT of the company stood at Rs 0.36 crore, representing a decline of 41.79 per cent YoY.

The stock has shown tremendous growth, and investors should keep a close eye on this stock.

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