Rs 24,019 million order book & FIIs bought 5.42 per cent stake in Q1: Multibagger penny stock under Rs 25 gains over 8 per cent with 2 times volume surge!
The stock gave multibagger retunes of 142 per cent from its 52-week low of Rs 8.71 and a whopping 1,600 per cent in 5 years.
Today, shares of Salasar Techno Engineering Limited (STEL) gained 8.77 per cent to an intraday high of Rs 21.08 per share from its previous closing of Rs 19.38 per share. The company's shares saw a spurt in volume by more than 2 times on BSE. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
Salasar Techno Engineering Limited (STEL), established in 2006, acts as a single source for customized steel infrastructure solutions in India. They offer comprehensive engineering, design, fabrication, galvanisation and installation services. Their product range includes various towers (telecom, power transmission, lighting, etc.), substations, solar structures, railway electrification components, bridges and custom steel structures. Additionally, STEL acts as an EPC contractor, undertaking complete project management for rural electrification, power lines and solar plants. The company has an order book of Rs 24,019 million as of June 30, 2024.
Salasar Techno Engineering Limited (STEL) has delivered a strong start to FY25, backed by a robust order book of Rs 24,019 million. This diverse pipeline, spanning telecom infrastructure, power transmission and renewable energy, ensures a stable revenue stream. STEL's recent strategic moves, including the acquisition of EMC Limited and additional funding from Coeus Global Opportunities Fund, bolster its market position. Coupled with significant project wins, such as the Rs 1,033.78 crore contract from Tamil Nadu Generation and Distribution Corporation Limited and Rs 173.99 crore contract in partnership with Rail Vikas Nigam Ltd for Madhya Pradesh Power Transmission Company Limited.
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According to Quarterly Results (Q1FY25), the total income increased by 12.41 per cent to Rs 294.90 crore and net profit increased by 3.35 per cent to Rs 10.49 crore compared to Q1FY24 while in its annual results (FY24), the net sales increased by 20.3 per cent to Rs 1,208,43 crore and net profit increased by 31.5 per cent to Rs 52.93 crore compared to FY23.
FIIs bought a 5.42 per cent stake in the company in Q1FY25 and increased to 8.42 per cent compared to 3 per cent in Q4FY24. The company issued bonus shares in a 4:1 ratio to its shareholders on February 1, 2024 (ex-date). This means that for every one share a shareholder held, they received four additional shares. The stock gave multibagger retunes of 142 per cent from its 52-week low of Rs 8.71 and a whopping 1,600 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.