Dark Horse Stock of the Day: This Low-Price Steel Stock Hits Upper Circuit - FY24 Profits Surge by 133 Per Cent!
The company’s shares have delivered an impressive return of over 30 per cent to its shareholders in just 1 month.
Incorporated in 2001, Manaksia Steels Ltd manufactures value-added secondary steel products. MSL is the flagship company of the Manaksia Group. It is an ISO 9001:2015 accredited, multi-location, multi-product, light engineering company in metal products and metal formation.
At the start of the day's trading session, shares of Manaksia Steels Ltd opened at Rs 67.95 per share, compared to the previous day's closing figure of Rs 62.42 per share on the NSE. Currently, the shares are at Rs 68.66 per share. The stock has rallied 10 per cent today and hit the upper circuit, reflecting strong demand in the market. The company's current market capitalization stands at Rs 449.96 crore. Additionally, the company’s shares have delivered an impressive return of over 30 per cent in just 1 month.
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As per the Quarterly Results, in the Q1 FY25, Manaksia Steels Ltd recorded a revenue of Rs 165.18 crore compared to Rs 218.23 crore. The operating profit stood at Rs 3.11 crore. The net profit stood at Rs 1.63 crore compared to a profit of Rs 10.15 crore. Looking at the annual performance, the company generated a revenue of Rs 681 crore in FY24. The operating profit for FY24 was Rs 37 crore with a net profit of Rs 28 crore compared to a net profit of Rs 12 crore in FY23 representing a growth of 133 per cent year on year.
According to the company's shareholding pattern, the promoters hold a significant 74.75 per cent stake. Public investors own 24.52 per cent of the shares, while Foreign Institutional Investors (FIIs) hold 0.73 per cent.
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Disclaimer: The article is for informational purposes only and not investment advice.