Ashish Kacholia & Ajay Upadhyaya-backed multibagger heavy engineering stock in focus as Board is likely to raise funds via Qualified Institutions Placement
The stock is up by 81 per cent from its 52-week low of Rs 169.40 per share and gave multibagger returns of 400 per cent in 2 years.
Walchandnagar Industries Ltd. will convene a Board Meeting on November 14, 2024, to deliberate and approve the unaudited financial results, including segment-wise performance, for the quarter and half-year ending September 30, 2024. Additionally, the Board will consider and approve a proposal to raise funds through a Qualified Institutional Placement (QIP). This QIP will involve issuing equity shares, convertible securities, or a combination thereof, in one or more tranches, subject to regulatory approvals, including a postal ballot for member approval and any other necessary statutory or regulatory clearances.
Walchandnagar Industries Ltd is a heavy engineering and project execution company and has diversified business offerings across core sectors with a focus on EPC / turnkey projects, Hi-Tech manufacturing, engineering products and engineering services. The company is a Small-Cap with a market cap of Rs 1,702 crore.
According to the Quarterly Results (Q1FY25), the company reported a net sales of Rs 79.17 crore, an operating profit of Rs 11.46 crore and a net loss of Rs 1.73 crore. In FY24, the company reported a net sales of Rs 302.35 crore, an operating profit of Rs 22.28 crore and a net loss of Rs 41.83 crore. As of September 2024, two ace investors, Ashish Kacholia owns 3.17 per cent stake and Ajay Upadhyaya owns 1.08 per cent stake in the company.
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On Monday, shares of Walchandnagar Industries Ltd ended the trading session in the red, down 1.44 per cent to Rs 307.15 per share from its previous closing of Rs 311.65. The stock’s 52-week high is Rs 438 per share and its 52-week low is Rs 169.40 per share. The stock is up by 81 per cent from its 52-week low of Rs 169.40 per share and gave multibagger returns of 400 per cent in 2 years.
Disclaimer: The article is for informational purposes only and not investment advice