The shares of this Electrical Press manufacturer surged around 9 percent after they signed a Memorandum of Understanding for the Supply of MRI Machine components. The shares have given a multibagger return of 1,392 percent to its shareholders on a YTD basis.
With a market capitalization of Rs. 1,890 crores, the shares of Spectrum Electrical Industries Ltd started Monday’s trading session on a higher note at Rs. 1,223 compared to its previous close at Rs. 1,156.40. The shares hit a high of Rs. 1,251.95, gaining around 9 percent, which is also recorded as the company’s fresh 52-week high.
Such a bullish movement in the share price was observed after the company in an exchange filing mentioned that they had signed the Memorandum of Understanding with Time Medical International Venture (India) Private Limited for the development, manufacture and supply of MRI Machine Components.
Coming onto the company’s financial statements, the revenue increased by marginally around 3 percent from Rs. 132 crores during H2 FY23 to Rs. 135 crores during H1 FY24. In addition, the net profit increased by around 17 percent from Rs. 6 crores to Rs. 7 crores during the same period.
Looking at the company’s important financial ratios, the return on equity (RoE) increased from 9.55 percent during FY21-22 to 9.63 percent during FY22-23. On a contrasting note, the return on capital employed (RoCE) decreased from 11.59 percent to 10.83 percent during the same period.
According to the latest shareholding pattern, the Promoters have a 74.88 percent stake, the Public has a 24.56 percent share and the remaining 0.56 percent stake is with the FIIs.
Headquartered in Maharashtra, Spectrum Electrical Industries Ltd was incorporated in 2008. The company is engaged in the business of Injection Moulding, manufacturing of Electrical Press Components and Surface treatment of Automobile, Electrical and Stamped parts.
Written By Vaibhav Patil
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