Penny stock hit 5% upper circuit after it received approval from Govt to provide skill training worth ₹ 15 Million

This penny stock hit its upper circuit at 5% in Monday’s trading session after the company received approval from the government to provide skill training  in the telecom sector.

Share price of NMS closed at its upper circuit of 5% at Rs. 48.97 per share. The stock has returned a multibagger return of 104.04% in the last six months and 141.23% in the last one year.

NMS Resources Global is an associate member of the Telecom Sector Skill Council. On 18 Sep 2023, the company received approval from the Ministry of Electronics and Information Technology in association with Telecom Sector Skill council to provide skill training to one thousand aspiring workforce in mobile manufacturing unit under the telecom sector.

The approximate value for this program stands at Rs. 15 million. Along with the approval, the company also announced the starting of Skill Development, its third division in the business.

As per the company’s recent financial statements, it recorded a revenue of Rs. 3.52 crore in Q1FY24 which is a reduction of 6.6% to Rs. 3.77 crore in Q4FY23. Its net profit of Rs. 0.02 crore in Q4FY23 increased 200% to Rs. 0.06 crore in Q1FY24. It has a return of equity of 0.55%

NMS Resources Global is a service provider company engaged in construction, engineering and finance industries. It offers its services in four divisions which include Infra division, Manpower division, Skill development and Consultancy (Financial and Technical). In recent years, the company has achieved success in the first two of its divisions. 

Written by Bhumika Khandelwal

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