Penny stock under Rs 5: This micro-cap iron & steel company bags USD 2,932,500 export order; do you own it?

Earlier, the company bagged an order worth Rs 40 crore export order.

On August 04, 2023, Shah Metacorp Limited informed in the exchange filing that the company has received export orders of USD 2,932,500 from ARTEMA SRL COLUMBIA TRADING S/A. The order is to be completed in 12 – 18 months.

Earlier on July 21, 2023, the company received an export order of USD 5 million (approximately Rs 40 Crore) from Italy and other European countries for the export of steel and alloys.

Furthermore, the board of the company approved the allotment of 8,28,00,000 Equity Shares of Rs. 1 each to be issued at a price not less than Rs 3.24 to promoters (Preferential Basis) and non-promoters respectively out of the allotment of 8,28,00,000 equity shares.

Shah Metacorp Limited is a Stainless Steel & Mild Steel Manufacturer that was established in the late 90s. From iron-ore & stainless scrap to manufacturing diverse structural products in Stainless Steel and Mild Steel, Shah Metacorp has come a long way. The group has achieved for itself a pre-eminent position in the value-added product segment of the Indian steel industry.

On Friday, the stock opened at Rs 2.94, with a high and low of Rs 2.96 and Rs 2.77. The stock closed trading at Rs 2.80, down by 4.11 per cent.

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