The shares of Bhagawati Oxygen were locked in an upper circuit of 5 percent at Rs 50.45 levels in the early trading hours on Thursday. In the last five trading sessions, the stock has hit the upper circuit of 5 percent consecutively and gained approximately 22 percent.
The covid 19 cases in India and across the world have been rapidly increasing in the last few days. To fight the situation, India has ramped up oxygen production nationwide as COVID-19 patients who are seriously ill often need supplemental oxygen to increase its supply in the blood and lungs.
Bhagawati Oxygen Ltd. is engaged in manufacturing and selling oxygen gas, trading Sulphur Hexafluoride (SF6), and running a windmill. It was the first company in India to indigenously built a cryogenic air separation plant in 1972.
The company operated in a highly technical and customer-oriented industry. Some of its clients include names such as NTPC, Siemens, Steel Authority of India Limited, Karnataka Power Transmission Corporation, and Damodar Valley Corporation.
The shares of the company have delivered a return of approximately 44 percent in the last 10 trading sessions. It reached a new 52-week high of Rs 104.30 in January 2022. Currently, it is trading at a discount of 50 percent from those levels.
In Q2FY23, the company reported a total revenue of Rs 70.48 Lakhs which was a marginal decline from Rs 73.90 lakhs in the same period a year earlier. The company has been able to narrow down its losses to Rs 29.30 lakhs from Rs 45.61 lakhs in Q2FY22.
The micro-cap company has a market capitalization of Rs 11 Crore. The promoters of the company hold a 12.99 percent stake and have pledged zero shares.
Written by Anoushka Roy
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