Multibagger penny stock at Rs 2.24 hit 5 per cent upper circuit as the company announces stellar results; PAT zooms over 900 per cent!

From Rs 0.87 to Rs 2.24 per share, the stock gave multibagger returns of 157.5 per cent from its 52-week low till today’s intraday high.

Today, shares of G G Engineering Ltd hit a 5 per cent upper circuit to Rs 2.24 per share from its previous closing of Rs 2.14 per share. The stock’s 52-week high is Rs 2.97 per share and its 52-week low is Rs 0.87.

G G Engineering Limited (GGEL) is an Indian company that manufactures engineering products, infrastructure, and structural steel. The company was established in 2006 and is based in India. GGEL's products are used in many industries, including construction, infrastructure, mega projects, modern buildings, and high-rise residential and commercial projects.

According to Quarterly Results, net sales increased by 75.7 per cent to Rs 7,642.11 lakh and net profit increased by 908.5 per cent to Rs 547.03 lakh in Q4FY24 compared to Q3FY24.In its annual results, net sales increased by 113 per cent to Rs 21,210.50 lakh in FY24 compared to Rs 9,956.70 lakh in FY23. The company reported a net profit of Rs 710.47 lakh in FY24 compared to Rs 793.29 lakh in FY23.

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The company has a market cap of Rs 197 crore and has delivered good profit growth of 25.7 per cent CAGR over the last 5 years. The stock is trading at 1.08 times its book value. As of March 2023, promoters of the company own a 1.97 per cent stake while the public owns a 98.03 per cent stake. From Rs 0.87 to Rs 2.24 per share, the stock gave multibagger returns of 157.5 per cent from its 52-week low till today’s intraday high.

Disclaimer: The article is for informational purposes only and not investment advice.