Shares of this small-cap stock spiked close to 13 percent in Wednesday’s trading session after the company announced robust results for Q3FY23–24, i.e., for the quarter ended December 2023. In the past six months, the company’s share price has jumped nearly 25 percent.
With a market capitalization of Rs 1,025 crores, the stocks of Automobile Corporation of Goa Limited started their trading session on Wednesday at Rs 1,665.25 and currently trade at Rs 1,684.30, gaining nearly 13 percent compared to the previous closing levels of Rs 1,487.40 apiece.
The company’s shares witnessed an intra-day high price of Rs 1,743.40 which is also marked as the company’s fresh 52-week high price.
Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023.
During the recent financial quarters, the company reported a jump in both the prime indicators of business, viz, operating revenues as well as after-tax profits with the former taking a shift from Rs 124 crores during Q2FY24 to Rs 140 crores during Q3FY24, and the after-tax profits, during the same period, rising from Rs 8 crores to Rs 10 crores.
Moreover, the company, yearly, reported an increase in both metrics mentioned above with the operating revenues rising from Rs 88 crores during Q3FY23 to Rs 140 crores during Q3FY24, and the latter, keeping the timeframe the same, shifted from Rs 4 crores to Rs 10 crores exhibiting an increase of 150 percent.
Keeping a purview of one year, the company’s stock has delivered multibagger returns of approximately 103 percent to its investors, i.e, if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 2.03 lakhs.
According to the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold a 49.77 percent stake, and the Public (retail) investors hold a 50.2 percent stake in the company.
Incorporated in 1980, Automobile Corporation of Goa Limited is engaged in the business of manufacturing as well as selling sheet metal components, bus coaches, and other assemblies in India. The company operates through two segments, i.e., the ‘pressing’ division and the ‘bus body’ division.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
