FIIs bought 8,82,191 shares: This multibagger defence stock bags new order worth Rs 21,83,14,088 from Larsen and Toubro Limited!

Shares of the company gained more than 140 per cent in the last six months.

NIBE Limited has secured a domestic contract worth Rs. 21.83 crore from Larsen & Toubro Limited. This project involves supplying and assembling heavy structures, including construction gabion walls. The contract encompasses materials, labour, tools, and plant & machinery needed for the assembly process. NIBE will have to complete the project by July 15, 2024. This win strengthens NIBE's position in the domestic construction sector and showcases their expertise in handling complex heavy structure assemblies.

Recently, the company has also signed a 10-year exclusive manufacturing agreement with Munition India Limited (MIL). NIBE will manufacture and supply hardware for MIL to export ammunition within their product range.

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The company posted strong Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 62.69 crore which increased by 313.1 per cent YoY. The operating profit of the company stood at Rs 8.80 crore, while the PAT of the company stood at Rs 4.41 crore, from a profit of Rs 0.93 crore last year same quarter. In December 2023, Aegis Investment Fund bought 8,82,191 shares of the company.

Nibe Limited is in the business of manufacturing critical components for defence, E-vehicles and software development. The company offers strategic products & related research advancement. The E-vehicles branch deals in the design, development, manufacturing & trading of E-vehicles and delivers the best-in-class eco-friendly E-bikes. The stock also delivered multibagger returns of over 250 per cent in the last one year.

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.