FIIs Bought 59,94,852 Shares: LIC-Backed Multibagger Telecom Infra Stock Under Rs 3 Hit Upper Circuit On October 11; Rockets 140 Per Cent In Just 1 Year
The stock gave multibagger returns of 140 per cent in just 1 year whereas BSE Small-cap Index is up by 49 per cent.
On Friday, the BSE Sensex Index was trading on a negative note, down 0.28 per cent and the Nifty-50 Index was also trading on a negative note, down 0.14 per cent. One of the Top Gainers on BSE & NSE today, shares of GTL Infrastructure Ltd hit 5 per cent upper circuit to Rs 2.37 per share from its previous closing of Rs 2.26 with an intraday high of Rs 2.37 and an intraday low of Rs 2.22. The stock’s 52-week high is Rs 4.35 per share while its 52-week low is Rs 0.85 with a spurt in volume by more than 1.50 times on BSE. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
In June 2024, FIIs bought 59,94,852 shares and increased their stake to 0.17 per cent compared to 0.12 per cent in March 2024. Talking about the financials, GTL Infrastructure Ltd has a market cap of over Rs 3,000 crore.
The company did not perform well in its Quarterly Results (Q1FY25) and annual results (FY24). In Q1FY25, the company did net sales of Rs 332 crore, down 6 per cent compared to net sales of Rs 353 crore in Q1FY24. The company reported a net loss of Rs 202 crore in Q1FY25 compared to a net loss of Rs 102 crore in Q1FY24. In FY24, reported net sales of Rs 1,372 crore against net sales of 1,457.9 crore in FY23, down 6 per cent. The company reported a net loss of Rs 681.4 crore in FY24 compared to a net loss of Rs 1,817 crore in FY23.
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GTL Infrastructure Limited is a leading telecommunication tower company in India, providing telecom services such as infrastructure sharing and energy management. With a vast network of over 28,000 telecom towers operating across 22 telecom circles in India, GTL Infra is known for its high network availability and uptime. They are also recognized for their commitment to social contribution, with initiatives in disability, education, health, community development, and employee volunteerism
As of June 2024, Life Insurance Corporation of India (LIC) owns a 3.33 per cent stake in the company. The stock gave multibagger returns of 140 per cent in just 1 year whereas BSE Small-Cap Index is up by 49 per cent. Investors should keep an eye on this small-cap telecom infra stock.
Investors should keep an eye on this telecom stock for upcoming trading sessions.