233 per cent return: FII's favourite reports stellar Q1 performance; hits 10 per cent upper circuit!
The company achieved an impressive 53.24 per cent growth in its top line, reaching Rs 1,488 crore.
On Thursday, the bulls of Dalal Street cautiously guided the stock market's opening, with both the Sensex and Nifty showing initial declines of 0.38 per cent and 0.35 per cent, respectively.
Today, the shares of Force Motors Limited touched upper circuit at Rs 3038.85 per share on BSE, also the scrip witnessed a spurt in volume. The company's current market capitalisation is Rs 3,960.50 crore.
From a technical perspective, as of August 10, the stock's 200-day moving average (DMA) stood at Rs 1783.71, while the 50-DMA was observed at Rs 2405.61. With the current price at Rs 3040.10. In the recent crossover, the 50-DMA has surpassed the 200-DMA, signalling a robust and sustained upward rally over the long term.
For individuals seeking to invest in the Small-Cap automobiles industry, this could be an ideal option.
On August 09, 2023, the company announced its Q1FY24 performance. Details are below:
In Q1FY24, the company achieved an impressive 53.24 per cent growth in its top line, reaching Rs 1,488 crore compared to the same period last year. The operating profit also surged significantly to Rs 177 crore, marking a remarkable growth of 331.70 per cent compared to Q1FY23.
Moreover, the company reported a consolidated profit of Rs 68.6 crore for the quarter ending June FY24, a notable turnaround from the loss of Rs 16.6 crore in the same period of the previous year.
In summary, these outcomes indicate robust growth in both revenue and profitability for the company during the initial quarter of FY24.
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Established in 1958, Force Motors Ltd stands as the flagship entity of the Abhay Firodia group. The company specializes in the complete vertical integration of small and light commercial vehicles, multi-utility vehicles, and agricultural tractors. Its product distribution spans across the Middle East, Asia, Latin America, and Africa. Previously known as Bajaj Tempo, the company underwent a name change in 2005.
On the other hand, Force Motors is known to be FII sweetheart stock. Foreign Institutional Investors have raised their holdings from 2.72 per cent to 4.11 per cent during the quarter ending June 2023.
In addition to this, the stock has achieved multibagger status, delivering an exceptional return of over 233 per cent over the last 3 years.
Keep a close eye on this trending stock.