The share price of this multibagger stock hit a new 52-week high at Rs. 1,618 on Monday, after signing a Memorandum of Understanding (MoU) as well as entering into a new business vertical.
The stock moved up by 4.35% on BSE to Rs. 1,618 in the morning trading session of Monday, compared to its previous close of Rs. 1,550.45.
With a market capitalisation of Rs. 1,614.8 crores, at 02:30 p.m. the shares of Advait Infratech Ltd. were trading in the green at Rs. 1,604.90, up by 3.51 percent.
In the last one year, the company has delivered positive returns of nearly 483.60 percent and more than 267 percent of returns in the last six months. So far in 2024, it has given positive returns of around 169.48 percent.
According to BSE filings, Carbon Technology Energy (CTE) and Advait Infratech Limited (AIL) signed an MoU intending to revolutionise the fuel cell and electrolyser industry through innovative developments.
The major goal of this collaboration is to develop a prototype fuel cell using carbon-based plates, which differ from traditional bimetallic or graphite plates. This will help the company to create new benchmarks in the energy sector.
Along with the signing of the MoU, the company announced its entry into the IT/IoT domain, with plans to develop software and integrate solar pump devices or smart metres for real-time data monitoring and fault management.
In terms of financials, the revenue from operations of the company increased by 48.3% QoQ from Rs. 48.95 crore in Q2 FY23-24 to Rs. 72.61 crore in Q3 FY23-24, accompanied by an increase in the net profit by 40% to Rs. 7.7 crore in Q3 FY23-24 from Rs. 5.5 crore in Q2 FY22-23.
Established in 2009, Advait Infratech is engaged in the business of offering products and solutions for power transmission, power substations, and telecommunication infrastructure.
Written by Shivani Singh
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