Rs 2,198 crore order book & DIIs bought 15,00,000 shares: Multibagger penny stock under Rs 15; Company Executes MoU with Elegant Forge & Equipments Pvt Ltd
In December 2024, DIIs took a fresh entry and bought 15,00,000 shares or 0.09 per cent stake.
Established in 2006, Salasar Techno Engineering Limited (STEL) is a leading provider of customised steel infrastructure solutions in India. They offer a comprehensive range of services, including engineering, design, fabrication, galvanization and installation. STEL's product portfolio includes various towers (telecom, power transmission, lighting, etc.), substations, solar structures, railway electrification components, bridges and custom steel structures. Moreover, they act as an EPC contractor, managing complete projects for rural electrification, power lines and solar plants. As of December 31, 2024, STEL has a strong order book of Rs 2,198 crore.
The Board of Directors of Salasar Techno Engineering Ltd, in its meeting, acknowledged the execution of a non-binding Memorandum of Understanding (MOU) with Elegant Forge & Equipments Pvt Ltd on February 13, 2025. The MOU outlines a proposed acquisition of Elegant Forge & Equipments, which is contingent upon the successful completion of due diligence conducted by an independent third party within 45 days. Elegant Forge & Equipments specializes in manufacturing industrial forging equipment and components for various sectors, including engineering, railways, defence, oil and gas and aerospace.
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According to Quarterly Results (Q3FY25), the net sales increased by 33.3 per cent to Rs 375.18 crore and net profit increased by 23.3 per cent to Rs 11.95 crore compared to Q3FY24 while in its nine-month results (9MFY25), the net sales increased by 13 per cent to Rs 950.67 crore and net profit decreased by 11 per cent to Rs 32.11 crore compared to 9MFY24. In FY24, the company reported net sales of Rs 1,208.43 crore and net profit of Rs 52.95 crore.
In December 2024, DIIs took a fresh entry and bought 15,00,000 shares or 0.09 per cent stake. The stock gave multibagger returns of 780 per cent in 5 years. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.