LIC-backed multibagger telecom infra stock under Rs 3 saw 6 times spurt in volume on July 22; Rockets 260 per cent in just 1 year!
The stock gave multibagger returns of 260 per cent in just 1 year whereas BSE Small-cap Index is up by 55 per cent.
Today, the BSE Sensex Index was trading on a negative note, down 102.6 points or 0.13 per cent at 80,502 and the Nifty-50 Index was also trading on a negative note, down 22 points or 0.09 per cent at 24,509. Considering broader markets, the BSE Small-Cap Index surged 0.83 per cent to a level of 52,916.50
One of the Top Gainers on BSE today, shares of GTL Infrastructure Ltd gained 3.76 per cent to Rs 2.76 per share from its previous closing of Rs 2.66 with an intraday high of Rs 2.77 and an intraday low of Rs 2.53. The stock’s 52-week high is Rs 4.35 per share while its 52-week low is Rs 0.70 and saw a spurt in volume by more than 6 times on BSE. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
Talking about the financials, GTL Infrastructure Ltd has a market cap of over Rs 3,500 crore. The company did not perform well in its Quarterly Results (Q4FY24) and annual results (FY24). In Q4FY24, the company did net sales of Rs 331.1 crore, down 12.4 per cent compared to net sales of Rs 377.87 crore in Q4FY23. The company reported a net loss of Rs 214.7 crore in Q4FY24 compared to a net loss of Rs 755.9 crore in Q4FY23. In FY24, reported net sales of Rs 1,372 crore against net sales of 1,457.9 crore in FY23, down 6 per cent. The company reported a net loss of Rs 681.4 crore in FY24 compared to a net loss of Rs 1,817 crore in FY23.
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GTL Infrastructure Limited is a leading telecommunication tower company in India, providing telecom services such as infrastructure sharing and energy management. With a vast network of over 28,000 telecom towers operating across 22 telecom circles in India, GTL Infra is known for its high network availability and uptime. They are also recognized for their commitment to social contribution, with initiatives in disability, education, health, community development, and employee volunteerism
As of June 2024, Life Insurance Corporation of India (LIC) owns a 3.33 per cent stake in the company. The stock gave multibagger returns of 260 per cent in just 1 year whereas BSE Small-cap Index is up by 55 per cent. Investors should keep an eye on this small-cap telecom infra stock.
Investors should keep an eye on this telecom stock for upcoming trading sessions.
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