In Monday’s trading session, shares of an engineering company focused on the defence industry moved up by 10 percent on BSE to hit an intraday high at Rs. 888.6, after the company bagged an order from Garden Reach Shipbuilders & Engineers Limited totalling about Rs. 266.94 crores.
At 10:32 a.m., the shares of CFF Fluid Control Limited were trading in the green at Rs. 880, up by nearly 9 percent, as against its previous closing price of Rs. 807.85, with a market capitalisation of Rs. 1,713.7 crore.
What’s the news:
CFF Fluid Control informed the Bombay Stock Exchange (BSE) about receiving a Letter of Intent (LoI) worth Rs. 266.94 crores (including tax) from Garden Reach Shipbuilders & Engineers Limited.
The order is for the procurement of Low Frequency Variable Depth Sonar (LFVDS) for Yard 3029-3034 (ASW SWC). The delivery timeline is by June 2032.
Previous Order:
Earlier on 27th June, CFF Fluid Control secured a Rs. 9.6 crore contract from the Material Organisation, Mumbai, for Procurement of Spare P75 Project, to be delivered by December 2024.
In addition, on 6th May, the company received the Repair Rate Agreement for Structural Renewal Onboard IN Ships from Naval Dockyard, Mumbai, totalling to nearly Rs. 5.58 crores.
Financial & Stock Performance:
In terms of financials, the revenue from operations stood at Rs. 47.4 crore in Q4 FY23-24, rising by 49.5 percent YoY from Rs. 31.7 crore in Q4 FY22-23, and the net profit grew by 87.2 percent to Rs. 7 crore from Rs. 3.74 crore, during the same period.
The stock has delivered multibagger returns of nearly 324 percent in one year and around 110 percent returns year-to-date.
As per the shareholding pattern of March 2024, the Promoters hold a 73.3 percent stake in the company, while Retail Investors and Domestic Institutional Investors (DII) hold a 26.62 percent and 0.08 percent stake in Akanksha Power and Infra, respectively.
About the company:
CFF Fluid Control Limited, formerly known as Flash Forge Fluid Control Private Limited, is primarily engaged in the business of manufacture, overhaul, repairs and servicing of shipboard machinery, critical component systems, reference systems and test facilities like pneumatic, hydraulic, electrical, electronic systems for submarines & surface ships for the Indian Navy.
Incorporated in 2012, the company also designs, manufactures and services Mechanical Equipments and systems for industries like Nuclear and Clean Energy.
Written by Shivani Singh
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