Multibagger from its 52-week low: This plastic manufacturing company receives order from India Railways!
The stock is up by 25 per cent in just 1 month and over 90 per cent year to date.
Responsive Industries Limited announces entry into the waterproofing membrane division with Vaitarna Tunnel Project Win. Responsive Industries Limited a leading player in the polymer products industry announced its successful acquisition of the Vaitarna Tunnel project contract under the prestigious Mumbai-Delhi Freight Corridor initiative of Indian Railways.
The company has been entrusted with the supply and installation of waterproofing membranes to safeguard the tunnel’s infrastructure. This contract signifies Responsive Industries’ strategic entry into the waterproofing membrane division, further diversifying its product offerings.
The Mumbai-Delhi Freight Corridor project is a major undertaking by the Indian Railways aimed at improving the freight transport network across the nation. Responsive Industries’ waterproofing membranes will contribute to the long-term reliability and sustainability of the Vaitarna Tunnel.
Commenting on the occasion, Management added, “We are honoured to be chosen for this critical project, which marks our entry into the waterproofing membrane business. This new vertical underscores our commitment to innovation and the pursuit of growth opportunities.”
On Friday, shares of Responsive Industries surged 0.13 per cent to Rs 228.90 per share with an intraday high of Rs 235 and an intraday low of Rs 223.95. The company has a market cap of over Rs 6,000 crore with a 5-year CAGR of 20 per cent. The company has been maintaining a healthy dividend payout of 1,256 per cent.
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According to the Quarterly Results, the net sales increased by 15.86 per cent to Rs 263 crore and the net profit increased by 433 per cent to Rs 30 crore in Q1FY24 compared to Q1FY23. The EPS for Q1FY24 stood at Rs 1.11.
The stock is up by 25 per cent in just 1 month and over 90 per cent year to date. Investors should keep an eye on this plastic manufacturing stock.
Disclaimer: The article is for informational purposes only and not investment advice.