Penny stock under Rs 10: This micro-cap company receives order worth Rs 17.94 crore from Gujarat Housing Board!

The stock’s 52-week high is Rs 8.65 and its 52-week low is Rs 4.23.

Nila Infrastructures Ltd announced that the company has received a letter of acceptance from the Gujarat Housing Board. The company has been awarded a project to redevelop an integrated group housing facility. The project will construct 48 affordable housing units for middle-income households at a total development cost of INR 17.94 crore.

The project will be undertaken on a public-private partnership (PPP) basis, and the company will receive transferable development rights worth Rs 9 crore and the realization of 20 additional housing units and 36 commercial shops as consideration. The project will be completed within 28 months from LOA including 4 months of approval process.

Nila Infrastructures Limited incorporated in 1990, is a flagship unit of the Ahmedabad-based Sambhaav Group. The company is involved in the construction of affordable housing projects, and the development of various infrastructures.

Talking about the financials, the company has a market cap of over Rs 200 crore. The company reported excellent numbers in its Quarterly Results with net sales increased by 81 per cent to Rs 24.43 crore in Q1FY24 over Q1FY23. The company reported a net profit of Rs 0.23 crore in Q1FY24 compared to a net loss of Rs 0.46 crore in Q1FY23, an increase of 150 per cent.

On Friday, shares of Nila Infrastructures Ltd surged 2.06 per cent to Rs 5.45 per share with an intraday high of Rs 5.72 and an intraday low of Rs 5.39. The stock’s 52-week high is Rs 8.65 and its 52-week low is Rs 4.23.

Investors should keep an eye on this micro-cap penny stock.

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