This S&P BSE Smallcap stock rose 3.3% on Monday within the first hour of market open after its receipt of order from Material Organization, Mumbai which is part of the Indian Navy serving mainly logistics and supply functions.
The stock has been on a steady uptrend since March 2023 and currently trading 15% above its 20 day moving average and 8.4% above its 200 day moving average. The stock holds a market cap of Rs. 2,211 crore and is 7% away from its 52 week high.
Avantel Ltd (”Avantel”) is a multibagger, returning 257% YTD and 355% over a 1 year period, Meaning if you invested Rs. 1 lakh into Avantel 1 year ago, it would now be worth about Rs. 4.6 lakh! Avantel manufactures and sells telecom products and related services in India.
In a filing dated 7th October 2023, Avantel announced that it has received a Supply Order worth Rs.10.39 crore from Material Organisation, Mumbai. The order involves manufacturing and supply of SATCOM Equipment and is expected to be completed by October 5th 2024.
Earlier in mid September 2023, AVantel received an order from Material Organization, Vizag worth Rs. 7.03 crore for manufacture and supply of MSS TX – RX Terminals M-II to be completed by September 10, 2024.
The roles of Material Organisation, Mumbai within the Indian navy are to Provide Ops Logistics Support to all operational units of the Navy, operating beyond National Maritime boundaries; Import / export for all types of stores, by sea as well as air, for the entire Nav; Annual review of naval stores, machinery and spares, Soviet /Russian origin stores, clothing and mess traps.
Material Organization is also responsible to the Flag Officer Commanding, Western Naval Command, for: – Supply of Naval and general stores including fuels, oils and lubricants. Machinery and spares Soviet stores.Similarly Material Organization, Vizag’s key objectives include logistics support to Ships, Coast Guard and other Establishments forming party of the Easter Naval Command/visiting ships
Written by Sandeep R
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