Heavy buying: Back-to-back upper circuit in this multibagger defence stock; stock gains over 250 per cent!

Shares of the company gained more than 150 per cent in the last six months.

Shares of Nibe Limited were locked in the upper circuit on Thursday, gaining 5.00 per cent. The company has also delivered strong Quarterly Results. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock also gained over 150 per cent in the last six months.

Recently, Nibe Limited secured an order worth Rs. 21.83 crore from Larsen and Toubro Limited (L&T) for manufacturing assemblies and sub-assemblies of heavy structures, including construction gabion walls. This domestic contract involves supplying materials, labor, and tools/plant & machinery. Nibe has until July 15, 2024 to complete the project.

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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.

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 plant manufactures a wide spectrum of critical components catering to the defence industry. 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.