Heavy buying: Back-to-back upper circuit in this micro-cap wire and cable stock; hits fresh 52-week high!

Shares of the company have gained about 30 per cent in the last one month.

Shares of Plaza Wires Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last one month, the stock has gained about 30 per cent. The stock also made a fresh 52-week high of Rs 107.49.

Plaza Wires Limited is engaged in the business of manufacturing and selling wires, and selling and marketing LT aluminium cables and fastmoving electrical goods (FMEG) under its flagship brand "PLAZA CABLES" and home brands such as "Action Wires" and "PCG".

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Plaza Wires was originally incorporated as Navratna Wires. Its key products in the wires and cables segment include house wires, single & multicore round flexible industrial cables and industrial cables for submersible pumps & motors up to 1.1kv grade.

The company posted robust annual Results. The revenue of the company for FY23 stood at Rs 182.49 crore which grew by 3.24 per cent YoY. The PBIT of the company stood at Rs 15.8 crore, while the PAT of the company stood at Rs 7.51 crore, representing an impressive growth of 26.22 per cent YoY.

Plaza Wires is a newly listed company on BSE and NSE. Plaza Wires IPO came up with a book-built issue worth Rs 71.28 crores, which was a fresh issue of 1.32 crore shares. The bidding commenced on September 29, 2023, and concluded on October 5, 2023. The allotment was finalized on Monday, October 9, 2023, and shares were listed on BSE and NSE on October 12, 2023.

Investors should keep a close eye on this newly listed stock.

Disclaimer: The article is for informational purposes only and not investment advice.