Shares of this micro-cap company gained around 6 percent in Tuesday’s trading session after it received a work order amounting to Rs 35.80 crores. In the last five trading sessions, the company’s stock has gained nearly 20 percent.
With a market capitalization of Rs 127.77 crores, the stocks of Kore Digital Limited closed at Rs 363, gaining approximately 6 percent as compared to the previous closing levels of Rs 343 apiece.
Such bullish stock price movement was witnessed after the company, through a regulatory filing with the National Stock Exchange (NSE), intimated that it has secured a work order from Navayuga Engineering Company Limited (NECL), the flagship entity of the Navayuga Group, worth Rs 35.80 crores.
Navayuga Group is an engineering and core infrastructure company. The above order is expected to be completed by March 2024.
During the recent financial years, the company’s standalone numbers show a consistent jump in numbers in operating revenues as well as after-tax profits with the most recent movement in the former from Rs 16.94 crores during FY21-22 to Rs 21.27 crores during FY22-23, and, the latter, keeping the timeframe the same, moving from Rs 2.18 crores to Rs 3.22 crores.
Despite a dip in the profitability metrics in the recent period, the return on equity (RoE) was reported at 77.97 percent in FY22-23. Moreover, the return on capital employed (RoCE) was reported at 85.7 percent during the same period.
The latest shareholding pattern data of the company, as per the September 2023 quarter, portrays the Promoters holding a 71.38 percent stake, and the Public (retail) investors holding the remaining 28.62 percent stake in the company.
Incorporated in 2009, Kore Digital Limited is engaged in the business of providing infrastructure and telecom services in India. The company caters to telecom network operators, vendors, Internet service providers, broadband service operators, etc.
Written by Amit Madnani
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