Penny stock under Rs 30 hit upper circuit as company registers highest ever monthly dispatch, reaching an impressive 3,550 tons in July 2024
The stock is up by 67.8 per cent from its 52-week low of Rs 17.75 per share.
On Friday, shares of Pritika Auto Industries Ltd hit a 5 per cent upper circuit to Rs 29.78 per share from its previous closing of Rs 28.37. The 52-week high of the stock is Rs 54.33 and the 52-week low of Rs 17.75. The shares of the company saw a spurt in volume by more than 2 times with 1,71,244 shares quantity traded on BSE.
Pritika Auto Industries Limited, a leading manufacturer of tractor components, has announced a significant milestone. The company achieved its highest-ever monthly dispatch of 3,550 tons in July 2024. This remarkable accomplishment is a testament to the company's operational efficiency, strategic planning, and the dedication of its workforce. The surge in demand for tractor components, driven by a robust agricultural sector and increased orders from domestic OEMs, has propelled Pritika Auto Industries to new heights.
Strong Market Performance Fuels Growth
The company's strong market position, built on long-standing relationships with OEMs and a reputation for timely deliveries, has been instrumental in this achievement. The favorable market conditions, coupled with Pritika Auto Industries' ability to meet the rising demand, have resulted in this record-breaking performance. The company's consistent efforts to enhance its production and distribution processes have also contributed significantly to this success.
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About the Company
Pritika Auto Industries Ltd, established in 1980, is a leading manufacturer of tractor and automobile components within the Pritika Group of Industries. They specialise in machined castings and a wide range of parts for tractors and commercial vehicles, making them a one-stop shop for various automotive and engineering needs. The company remains a preferred partner for top OEMs, securing a Rs 24 crore annual order from a leading multinational tractor manufacturer and a Rs 36 crore annual order from a prominent domestic tractor manufacturer.
According to Quarterly Results, the company reported a total income of Rs 82.58 crore and a net profit of Rs 2.59 crore in Q4FY24 while in Q4FY23 the company reported a total income of Rs 88.63 crore and a net profit of Rs 2.70 crore. Similarly, in its annual results, the company reported a total income of Rs 343.71 crore and a net profit of Rs 16.85 crore in FY24 while in FY23 the company reported a total income of Rs 363.24 crore and a net profit of Rs 15.69 crore.
The company has a market cap of Rs 481.51 crore. According to the shareholding pattern, the promoters of the company have 64.86 per cent stake, FIIs own 4.07 per cent and the public owns 31.08 per cent as of June 2024.The stock is up by 67.8 per cent from its 52-week low of Rs 17.75 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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