Rs 1,440 crore order book: Multibagger penny stock hit fresh 52-week high on January 04; Board announces bonus shares!
The stock is up by 500 per cent in just 3 years while the BSE Sensex Index is up by 50 per cent.
Today, this multibagger penny stock gained 7.50 per cent and reached a new all-time high & 52-week high of Rs 72.80 per share. The shares quantity traded over 7 lakh shares with 43.57 per cent of deliverable quantity to traded quantity.
The buzz today’s stock is SALASAR TECHNO ENGINEERING LTD. Born in 2006 as a tower builder, it has now become a fast-growing force in steel structures and EPC, leaving its mark on vital sectors like telecom, energy, and railways.
Earlier, the company’s Board of Directors recommended the issue of bonus shares in the proportion of 4:1; i.e., 4 new fully paid-up bonus equity shares having a face value of Rs 1 each for every 1 existing fully paid-up equity share of Rs 1 each held by the members of the company as on the record date, subject to/shareholders and other statutory approvals. The company will credit bonus shares within 2 months from the date of the Board approval i.e. Wednesday, December 20, 2023.
In 2017, Salasar Techno Engineering's initial public offering (IPO) took the Indian stock market by storm. With a phenomenal subscription of 273.05 times, it smashed records and became the most subscribed IPO in the Indian markets.
Results: According to the Quarterly Results, the net sales increased by 6.42 per cent to Rs 275.35 crore and the net profit increased by 20.5 per cent to Rs 9.05 crore in Q2FY24 compared to Q2FY23. According to the half-yearly results, the net sales increased by 14.5 per cent to Rs 537.21 crore and the net profit increased by 29.5 per cent to Rs 19.20 crore in H1FY24 compared to H1FY23.
Order book: As of 30th September 2023, STEL has a strong diversified order book worth Rs 1,440 crore providing strong revenue visibility. STEL's order book comprises domestic EPC orders valued at Rs 1,090 crore, international EPC orders worth Rs 211 crore, orders under the heavy steel structure division worth Rs 130 crore, monopoles worth Rs 53 crore, and telecom tower and pole exports worth Rs 37 crore. Additionally, STEL receives recurring monthly orders for telecom towers worth approximately Rs 30-35 crore.
In the financial year 2022-2023, the company conducted a stock split, reducing the share value from Rs 10 to Rs 1, with a record date of June 27, 2022. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 36 per share. The stock is up by 500 per cent in just 3 years while the BSE Sensex Index is up by 50 per cent. Investors should keep an eye on this Small-Cap engineering stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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