The shares of this micro-cap Industrial Tool Kit supplier rose 2.55% in Friday trading session after it received an order to supply tool kits to Renault Group.
Share price variations:
With a market capitalization of Rs. 211.00 crores, the shares of De Neers Tools Limited opened the trading session at Rs. 240 about 2.14% above the previous day’s close of Rs. 234.95, and went up to make an intraday high of Rs. 240.95, which is 2.55% above the previous day close. At 11:35 am the share was trading at Rs. 234.30 per share.
Reason for Rise:
As per the exchange filings De Neers Tools Limited has received an order from Renault Group, a mainstream automotive company for the supply of 30,000 tool kits for an undisclosed amount. The delivery of the toolkits is scheduled between September 2024 and October 2024.
Financial Performance:
For FY24 the company reported a net profit increase of 24.83% to Rs. 8.66 crores compared to net profit of Rs. 6.94 crores in FY23, while revenue from operations increased by 15.51% to Rs. 109.8 crores from Rs. 95.05 crores in comparison to the same period. Company has a ROE of 30.68% and ROCE of 14.35% in FY24.
Recent Developments
In May, the company expanded its presence into Dubai by incorporating a wholly owned subsidiary, Deneers Tools Trading L.L.C.
About the company:
Incorporated in 1952, De Neers Tools Limited supplies industrial tools and is one of the few key players in the hand tool industry as per the industry report of CareEdge. The company has a dealer network of over 300 dealers across India.
Its product portfolio includes Steel Hand Tools, Stainless Steel Tools, Non-Sparking Tools, Insulated Tools, Tool Kits, Toolboxes, and Trolleys. The client base features top companies such as Polycab, Havells, Indian Railways, Indian Oil, Eicher, and Tata Steel.
Written By: Joseph Pv
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