Rs 2,326 crore order book & FIIs increase stake: Heavy buying in this multibagger engineering stock at Rs 21.34; Hits upper circuits & FY24 results tomorrow!
The stock gave multibagger returns of 150 per cent in 1 year and a whopping 1,000 per cent in 5 years.
Today, shares of Salasar Techno Engineering Limited (STEL) hit a 5 per cent upper circuit to an intraday high of Rs 21.34 per share from its previous closing of Rs 20.30 per share. The shares of the company saw heavy buying recently with a spurt in volume by more than 1.01 times.
The Board of Directors of the Company is scheduled to be held on Thursday, May 30, 2024, at 01:00 P.M. at its office situated at Plot No. B-8, 913-916, 9th Floor, Tower-B, Noida One, Sector-62, Noida, UP-201301, inter alia, to consider, approve & take on record the Standalone & Consolidated Audited Financial Results of the Company for the quarter and year ended March 31, 2024.
Additionally, the company completed the acquisition of EMC Limited, which was in liquidation. This means STEL takes over EMC in its current state and assumes all risks. The acquisition was finalized through an e-auction for a total price of Rs 178 crore, with STEL recently paying the remaining Rs 168 crore. This move is expected to strengthen STEL's market position in the engineering and infrastructure sector. In a separate development, STEL's Board of Directors approved the conversion of warrants held by Coeus Global Opportunities Fund into equity shares. This conversion brings an investment of Rs 35.1 crore to STEL and increases Coeus' ownership stake in the company to 1.88 per cent.
Earlier to this, the company secured two major contracts. In a joint venture with Rail Vikas Nigam Ltd (RVNL) where STEL holds a 49 per cent stake, they won a Rs 173.99 crore project from Madhya Pradesh Power Transmission Company Limited (MPPTCL). Additionally, STEL secured a significant Rs 1,033.78 crore contract from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO).
STEL, established in 2006, acts as a single source for customized steel infrastructure solutions in India. They offer comprehensive engineering, design, fabrication, galvanisation, and installation services. Their product range includes various towers (telecom, power transmission, lighting, etc.), substations, solar structures, railway electrification components, bridges, and custom steel structures. Additionally, STEL acts as an EPC contractor, undertaking complete project management for rural electrification, power lines, and solar plants. The company has an order book of Rs 2,326 crore as of December 31, 2023.
Also Read: Multibagger solar product and EV chargers manufacturing stock at Rs 85 - Company signs MoU with 3ECO; details inside!
According to Quarterly Results (Q3FY24), the net sales increased by 26.32 per cent to Rs 304.35 crore and net profit increased by 56.75 per cent to Rs 167.10 crore compared to Q3FY23 while in nine-month results (9MFY24), the net sales increased by 18.43 per cent to Rs 841.10 crore and net profit increased by 40.89 per cent to Rs 35.96 crore compared to 9MFY23. As of April 2024, promoters own 58.76 per cent, FIIs own 6.27 per cent and the public owns 34.95 per cent.
The company issued bonus shares in a 4:1 ratio to its shareholders on February 1, 2024 (ex-date). This means that for every one share a shareholder held, they received four additional shares. The stock gave multibagger returns of 150 per cent in 1 year and a whopping 1,000 per cent in 5 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Related articles
-
Multibagger penny stock at Rs 31 with Rs 1,400 crore order book: This engineering company reports stellar results and allotted 1,26,28,21,120 shares by way of bonus issue!
-
20:119 Rights Issue & 1:1 Bonus Share: LIC-backed multibagger penny stock at Rs 3.92 – Company bags orders worth Rs 210 million for its Agro and Infra Business Segments
-
4:1 bonus shares in FY24; Rs 2,460 crore order book & FIIs bought 3.27 per cent stake: Multibagger engineering stock under Rs 21 surges over 4 per cent!
-
4:1 bonus shares & FIIs bought 3.27 per cent stake: Multibagger engineering stock at Rs 20.63 reports stellar results; PAT zooms over 30 per cent!
-
Rs 2,326 crore order book & FIIs increase stake: Heavy buying in this multibagger engineering stock under Rs 25; Hits back-to-back upper circuits!
-
4:1 Bonus Share, FIIs increase stake & Rs 2,326 crore order book: Multibagger engineering stock to watch out for tomorrow as company announces a big acquisition update
-
4:1 Bonus Share & FIIs bought 3.27 per cent stake: Multibagger penny stock at Rs 19.97 with Rs 2,326 crore order book hit upper circuit on May 14
-
4:1 bonus shares & Rs 2,326 crore order book: This multibagger engineering company is into expansion of business with acquisition of EMC Ltd; details inside!
-
4:1 bonus shares & Rs 2,326 crore order book: This multibagger engineering company emerged as the highest bidder in the acquisition of EMC Ltd
-
4:1 bonus shares & Rs 2,326 crore order book: This multibagger engineering company forms JV with RVNL & bags new order worth Rs 173,98,66,074.31 from MPPTCL
-
4:1 bonus shares & Rs 2,326 crore order book: This multibagger engineering company bags new orders worth Rs 1033,78,00,000 from TANGEDCO
-
Multibagger stock at Rs 26 with Rs 2,326 crore order book: This engineering company forms a JV with RVNL for an order worth Rs 173.99 crore from MPPTCL
-
Multibagger penny stock at Rs 24 with Rs 2,326 crore order book: This engineering company likely to receive orders worth Rs 200,00,00,000 from various clients!
-
Back-to-back upper circuits and 52-week highs in this multibagger penny stock after a 4:1 bonus share; order book stands over Rs 1,400 crore
-
4:1 bonus share & fund rising worth Rs 8,06,40,00,000 for business expansion: Multibagger stock gained 80 per cent in just 1 week with Rs 1,420.27 crore order book; hit upper circuit & 52-week high!
-
4:1 Bonus Share: Multibagger penny stock under Rs 100 with Rs 1,440 crore order was locked in 20 per cent upper circuit on January 20
-
Multibagger penny stock with Rs 1,440 crore order book: Board announced bonus shares and proposed merger with Hill View Infrabuild Limited!
-
Rs 1,440 crore order book: Multibagger penny stock hit fresh 52-week high on January 04; Board announces bonus shares!
-
Multibagger penny stock under Rs 80: This micro-cap company bags new order worth Rs 110,61,79,200 from Uttar Pradesh Development Systems Corporation Ltd!
-
Multibagger penny stock with Rs 361 crore order book: Board to allocate preferential issue of 2,25,24,980 shares to Anand Rathi Global Finance, VLS Finance and 76 others!