The shares of India’s leading material handling and construction equipment manufacturer rose 2.6% despite the promoter selling a stake on Tuesday via bulk deal.
On Wednesday, At 10:50 a.m., shares of Action Construction Equipment Ltd were trading at Rs 1,440, up 0.68 percent from the previous close price, with a market value of Rs 17,096 crore.
According to BSE bulk deal data, Action Construction Equipment promoter Mona Agarwal sold 13 lakh shares (1.09%) at Rs 1,420.44 per share on June 11, 2024, through a bulk deal.
As of the March shareholding pattern, promoter Mona Agarwal held a 25.74% stake in the company.
Action Construction Equipment Limited (ACE) is involved in the manufacturing and marketing of cranes, construction equipment, material handling equipment, and agricultural equipment
The company is the world’s largest Pick and carry cranes manufacturer with over 63 percent market share in the Mobile cranes segment in the country and a majority market share of more than 60 percent in the Tower Cranes segment domestically.
The company is the largest manufacturer of pick-and-carry cranes. The company is also one of the few players in the manufacturing of Forklifts. The company is the World’s largest Pick & Carry Crane Manufacturer with Pan India and Global Presence in over 37 Countries.
According to the latest shareholding pattern, the company’s promoters hold a 66.76% stake, Foreign Institutional Investors hold 9.35%, and Domestic Institutional Investors hold 2.21%.
The company’s shares have risen by 80% over the past six months and by 193% over the past 12 months.
Based on the revenue breakdown, the company derives 70% of its revenue from the crane business, 10% from the agricultural equipment segment, 14% from construction equipment, and 6% from material handling equipment.
The company operates four manufacturing units, its main plant is in Palwal (Haryana), and it has two fabrication units and an R&D unit in Faridabad.
Operational revenue increased by 36% year-on-year, from ₹614 crore in Q4 FY23 to ₹836 crore in Q4 FY24. Additionally, net profit saw a substantial 108% increase, rising from ₹47 crore to ₹98 crore.
Written by Omkar Chitnis
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