Multibagger penny stock at Rs 76 reports a 300 per cent jump in net profit; Promoters own 74.75 per cent stake in the company!
From Rs 34.11 per share (52-week low) to Rs 76.91 per share, the stock gave multibagger returns of 125 per cent.
Manaksia Steels Ltd.’s board announced stellar Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the financial year 2023-2024. Here are the details:
According to the quarterly results, the company reported net sales of Rs 133.60 crore in Q3FY24 compared to Rs 155.88 crore in Q3FY23 while net profit increased by 70 per cent to Rs 4.81 crore in Q3FY24 compared to Q3FY23.
In its nine-month results, the net sales increased by 2.3 per cent to Rs 518.16 crore and net profit skyrocketed by 300.6 per cent to Rs 23.88 crore in 9MFY24 compared to 9MFY23.
Manaksia Steels Limited, a part of the Manaksia group, is engaged in the manufacturing of value-added secondary steel products like cold rolled sheets, galvanised corrugated sheets, galvanised plain sheets, colour-coated (pre-painted) sheets, etc.
The company has manufacturing units in Haldia and Bankura, West Bengal, India. It has also ventured into the long steel segment in Nigeria through its step-down subsidiary, which recycles steel scrap and manufactures steel bars.
After nearly rising 175 per cent from its 52-week low of Rs 34.11; shares of Manaksia Steels Ltd are undergoing a correction, hitting the lower circuit for the fifth straight day. Today, shares of Manaksia Steels Ltd plunged 5 per cent to Rs 75.90 per share from its previous closing of Rs 79.90.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
The company has a market cap of over Rs 500 crore and according to the shareholding pattern, the promoters of the company own a 74.75 per cent stake in the company, FIIs own 0.88 per cent and the public own 24.37 per cent as of December 2023. From Rs 34.11 per share (52-week low) to Rs 76.90 per share, the stock gave multibagger returns of 125 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
For more such updates on the go, Click here to join our WhatsApp Channel