On Tuesday this micro-cap stock gains up to ~9% after the company entered into a sale agreement worth Rs. 29 Cr. The stock has delivered 22% returns in one month and 34% returns in six months. The shares of the company currently trading above the 50-day and 200-day moving averages.
Rasandik Engineering Industries India Ltd
Rasandik Engineering Industries India Ltd. the company belongs to a micro-cap category, with a market capitalisation of Rs. 53 Cr. On Tuesday at 12.40 p.m. shares were trading 7.3% up at Rs. 88 on BSE.
According to the company filing, the company entered into an agreement with Roop Polymers Ltd to sell its Idel Assets industries plot no. 13 & 14 (Land & Building) situated at Roj-Ka-Meo Industrial Area, District-Nuh, Mewat, Haryana.
Total sales consideration Rs. 29 Cr and the company received 5.8 Cr as advance. The expected date of compilation of the sale on or before 45 days from the date of obtaining transfer permission by the seller from Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) or on or before 90 days from the date of execution of the present contract whichever is later.
As per the company filing, the total revenue of the company declined by 78% YoY from Rs. 53.35 Cr in Q1 FY23 to Rs. 29.88 Cr in Q1 FY24 and the company reported a net loss of Rs. 1.98 Cr in Q1 FY24 against profit of Rs. 3.1 Cr in Q1 FY23.
As of June 2023, promoters hold 53.10%, DIIs hold 0.06%, FIIs hold 1.10% and the Public hold a 45.74% stake in the company.
The company Rasandik Engineering Industries India Ltd manufactures sheet metal parts, TWB, and tools and dies for automobiles. Custom welding blanks, engineering solutions, tools and dies, body-in-white (BIW) parts, and others are the company’s products.
Written by Sheshadri N
