3,400 per cent multibagger returns: Forklifts manufacturing company bags new order from Ministry of Defence (MoD)
The stock gave 94.3 per cent returns from its 52-week low; multibagger returns of 425 per cent in 3 years and a whopping 3,400 per cent in a decade.
Action Construction Equipment Limited (ACE Ltd) announced that in its pursuit of growth within the Defense Sector, it has been awarded a prestigious contract by the Ministry of Defense (MoD) for the supply of 99 forklifts. This order underscores our commitment to the Indian government's "Make in India" and "AatmaNirbhar Bharat" initiatives and aligns with our strategic expansion into the defence industry.
Earlier this year, ACE Ltd secured another significant contract from the MoD for the supply of 285 Special Forklifts and 6 Rough Terrain Cranes. This substantial order further reinforces our position as a leading provider of critical equipment for the nation's defence forces. By fulfilling these contracts, ACE Ltd is proud to contribute to India's self-reliance in defence manufacturing and support the nation's security objectives.
Today, shares of ACE Ltd plunged 1.08 per cent to Rs 1,250.10 per share from its previous close of Rs 1,263.75. The 52-week high for the stock is Rs 1,693.05 and the 52-week low is Rs 643.50.
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Action Construction Equipment Ltd is a Small-Cap company with a market cap of over Rs 14,000 crore. The company is engaged in the business of manufacturing and marketing hydraulic mobile cranes, mobile tower cranes and material handling equipment like forklifts and road construction equipment.
Taking into consideration the financial performance, the company reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24). In Q1FY25, FIIs increased their stake to 10.13 per cent compared to 9.35 per cent in Q4FY24. The stock gave 94.3 per cent returns from its 52-week low; multibagger returns of 425 per cent in 3 years and a whopping 3,400 per cent in a decade. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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