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The shares of this micro-cap company clocked 10 percent upper circuit after receiving an order worth Rs. 61.40 crores from J&K Power Transportation Limited. 

With a market capitalisation of Rs. 29 crores, the shares of Sharika Enterprises Ltd started Friday’s trading session positively at Rs. 6.24 compared to its previous close of Rs. 6.10. The share hit an intraday high of Rs. 6.71 locking a 10 percent upper circuit. 

Such a bullish movement was observed after the company in an exchange filing mentioned that they had won a tender for 132/33kV GIS Substation Project, elevating Z-Morh Tunnel connectivity from J&K Power Transportation Limited worth Rs. 61.40 crores. 

For this, the company will lead the comprehensive effort, encompassing design, manufacturing, supply, erection, testing and commissioning of a state-of-the-art 2 x 10 MVA, 132/33 kV Gas Insulated Substation at Sumbal, District Ganderbal. Furthermore, the order is to be executed within six months from the issuance of the LOA. 

Coming onto the financial statement, the company’s revenue decreased by 41 percent from Rs. 13.05 crores in the June quarter to Rs. 11.57 crores during the September quarter. The company has not been able to report a consistent net profit during the previous quarters. During Q2 FY24, the company reported a net loss of Rs.1.89 crores. 

According to the latest shareholding pattern, the Promoters have a 55.16 percent stake, and the remaining 44.84 percent are with the Retail Investors. 

Incorporated in 1998, Sharika Enterprises Ltd is in the business of Management Consultancy and project Execution Services in the Power sector. 

Written By Vaibhav Patil

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