Penny stock under Rs 5: This micro-cap company bags Rs 210 million orders; board approves rights issue!

The company has reported an increase of about 163.67 per cent in the net profit in Q1FY24.

GG Engineering Limited informed in the exchange filing that the company has received an order worth Rs 210 million. The order involves supplying iron raw materials to prominent industrial houses of repute consuming steel as the primary raw material. The company will be completing these supplies within the next 30‐45 days and is anticipating additional orders as well for Q3 of the current financial year.

Earlier, on August 04, 2023, the rights issue committee of the company approved the allotment of 49,88,20,215 Fully Paid-up Rights Equity shares of the face value of Re. 1/- each at a price of Rs. 1/- per rights equity share to the eligible applicants.

The company posted positive Quarterly Results. The revenue of the company for Q1FY24 stood at Rs 18.95 crore which grew by 143.41 per cent YoY. The operating profit of the company stood at Rs 0.53 crore, while the PAT of the company stood at Rs 0.34 crore, representing an impressive growth of 144.93 per cent YoY.

On Monday, the stock opened at Rs 1.11, with a high and low of Rs 1.20 and Rs 1.10. The stock closed trading at Rs 1.18, up by 10.28 per cent. The stock has a 52-week high of Rs 3.16 and a 52-week low of Rs 0.74.

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