The share prices of this penny stock trades lower by 3% in the market today after its investor company GG engineering sold a total of 15.8% of his stake in the company throughout the last trading week.
Shares of GI Engineering opened at Rs. 12.20 and maintained the same level as its intra- day high. The stock gained 20.1%in the previous month. In the last five years, the stock has given a consistent return of 62.98%.
The company’s one of the major investors, GG Engineering who previously held 24.47% at the month of June this year in the company sold a total of 15.8%, 1.36 crores shares at an average of Rs. 11.95 per share in the last trading week. On Friday, GG alone sold 1.5% stake which equals to 12.93 lakhs shares.
For Q1FY24, the company has recorded their figures in red. Its total revenue for this quarter is Rs. 93.31 crore, a decrease of 75.16% from Rs. 375.58 crore in the last quarter. Their net profit is reduced to Rs. 0.94 crore which is a downfall of 34.27% from Rs. 1.43 crore in the previous quarter.
GI Engineering Solutions, incorporated in 2006, is an engineering design company which provides its services for civil design, land panning, infrastructure development, ancillary services and various consultancy services. The company also specialises in conducting surveys and providing landscape architectural and engineering services.
Written by Bhumika Khandelwal
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