The share price of one of the leading FMEG company gained 2 percent to Rs 789.75 per share after the company received an order worth Rs 72 crore from the Government of Odisha.
With a market capitalization of Rs 8,369 crore, Surya Roshni Ltd is a small-cap stock. It is one of the leading brands in the Lighting industry.
The company received an order worth Rs 72 crore from the Odisha Urban Infrastructure Development Fund (OUIDF), Government of Odisha for the Project and Maintenance of the LED Street Lighting Project in 16 Urban Local Bodies (ULBs).
The order includes the project and maintenance of LED public street lighting in 16 ULBs in Odisha, including Balasore, Jajpur, Keonjhar, and Mayurbhanj district. As per the company’s exchange filing.
In August 2023, the firm received orders totaling Rs 171.16 crore, including Rs 163 crore from BPCL for a pan-India CGD project and Rs 8.16 crore from HPCL for the provision of 3LPE coated line pipes for a CGD project in West Bengal.
Surya Roshni Ltd shares have gained percent in the last six months and delivered a multibagger return of 182 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.82 lakhs in a year.
Surya Roshni Limited is the leading manufacturer of ERW GI Pipes and exporter, the largest GI Pipes producer, and the second largest in the lighting segment. The company has a global presence in more than 50 countries.
According to financials, operational revenue declined by 3 percent from Rs 1,984 crore in Q2FY23 to Rs 1,916 crore in Q2FY24, while net profit has increased by 12 percent from Rs 680 crore to Rs 76 crore over the same time.
The company sells its products such as fans, steel, lighting, LED, kitchen appliances, and PVC pipes under the brand name Surya. It is the second Consumer Lighting Brand in India and has gained a Market Share of 10% of Oil and gas Transmission Pipes.
Presently, the company procures the GP coil and CR coil from the suppliers. To reduce dependency, the company is expanding its facility with an outlay of Rs 75 crore at Hindupur, A.P. to cater to the South Indian market.
At the time of writing this report, Surya Roshni Ltd shares were trading at Rs 769.20 per share, down 0.66 percent from the previous close price.
Written by Omkar Chitnis
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