Penny stock under Rs 30 to keep under radar as Board announces 5:1 stock split & company bags international order of Rs 56 million!
The stock is up by 41.84 per cent from its 52-week low of Rs 17.16 per share.
Sacheta Metals Ltd has informed that the Board of Directors meeting held on September 9, 2024, has approved the stock split of shares in the ratio 5:1 i.e., from Rs 10 to Rs 2 each and an alteration in the Authorised Share Capital by amending the Capital Clause of the Memorandum of Association. Both proposals will be presented for approval in the upcoming Annual General Meeting of the company.
Additionally, Sacheta Metals Ltd has secured new export orders worth Rs 56 million for Aluminium Utensils from international clients. The orders require shipment within 120 days and involve the export of Aluminium Utensils. These new contracts are expected to contribute significantly to the company's export revenue and strengthen its international presence.
Sacheta Metals Ltd is a prominent manufacturer and exporter of aluminium, stainless steel, mild steel housewares and kitchenware utensils. Established in 1990, the company has a diverse product portfolio that includes tawa, nonstick cookware, kettles, milk cans, fry pans, rice strainers, plates, cups, stainless steel kitchenware and various other utensils. The company's registered office and manufacturing unit are located in Talod, Gujarat, where they have a significant production capacity of approximately 5,400 MTPA for aluminium sheets and 1,800 MTPA for aluminium utensils.
DSIJ’s ‘Micro Marvel' service recommends micro-cap stocks with the potential to grow multifold in long run. If this interests you, do download the service details here.
Sacheta Metals Ltd exports its products to various countries, including South Africa, Mombasa, Somalia, Congo, Namibia, Kobango, Dammam, Ethiopia, Muscat, Yemen, France, Mauritius, Doha, Jeddah, Riyadh, Aden, South Africa, Hong Kong, Dubai, Kuwait, Singapore, Nacala, Malavi, Djibouti and the Republic of Congo, among others. The company has a market cap of Rs 62 crore and reported positive numbers in its Quarterly Results (Q1FY25) and annual results (FY24).
On Monday, shares of Sacheta Metals Ltd surged 5.94 per cent to an intraday high of Rs 26.90 per share from its previous closing of Rs 25.39 per share. The stock is up by 41.84 per cent from its 52-week low of Rs 17.16 per share. At the closing bell, shares of the company were trading at Rs 25.47 per share, up 0.32 per cent. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Wind Energy Stock Under Rs 80 In Focus As Company Announces India's Largest Wind Energy Order of 1,166 MW from NTPC Green Energy Ltd