Back-to-back upper circuits: Heavy buying witnesses in this micro-cap stock as it receives orders worth Rs 850 crore!
The stock is up by 60 per cent in just 1 year and gave multibagger returns of 105 per cent over the span of 3 years.
Kalyani Strategic Systems Limited, a subsidiary of Kalyani Forge Ltd, has secured two export contracts worth EUR 93.87 million (approx. Rs 850 crore) from friendly countries for the supply of components and armoured vehicle chassis. The order will be fulfilled over an 18-month period, subject to necessary government approvals.
Kalyani Forge Ltd is a part of the USD 3 billion Kalyani Group that manufactures high-quality, hot-warm and cold-forged products. The company has a market cap of Rs 109.05 crore.
On Tuesday, shares of Kalyani Forge jumped 5 per cent upper circuit to Rs 299.75 per share from its previous closing of Rs 285.50. The stock also traded at a new 52-week high of Rs 299.75 per share with a spurt in volume by more than 7.30 times on BSE. In the recent trading session, the stock is hitting back-to-back upper circuits.
According to the Quarterly Results, the net sales decreased by 7.88 per cent to Rs 59.35 crore whereas the net profit increased by 35.53 per cent to Rs 1.03 crore in Q1FY24 compared to Q4FY23. In FY23, the net sales increased by 8.54 per cent to Rs 267 crore and net profit increased by 33.33 per cent to Rs 4 crore compared to FY22.
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The stock is trading at 1.03 times its book value. The stock is up by 60 per cent in just 1 year and gave multibagger returns of 105 per cent over the span of 3 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.