Shares of a market leader in the Container Glass Industry with over 40 percent market share hit the upper circuit after the company announced impressive June quarter financial results.
Hindusthan National Glass and Industries Ltd shares touched an upper circuit of 4.6 percent of Rs 12.40 apiece on Thursday’s session on the stock exchange, and the company has a market value of Rs 111 crores.
As per the company’s exchange filing, The company’s revenue for the June quarter increased by 10 percent to Rs 701 crore in Q1FY24, compared to Rs 634 crore in the corresponding quarter of the previous year(Q1FY23), while net profit increased to Rs 87 crore in the latest quarter, compared to a loss of Rs 137 crore in the same quarter last year.
The company’s revenue from operations increased by 10 percent quarter on quarter in the June 2023 quarter, compared to Rs 634 crore in the March 2023 quarter, while net profit increased by 380 percent from Rs 18 crore the previous quarter.
As per the latest shareholding pattern, the promoters hold 70.73 percent of the company, while retail investors own a 29.27 percent stake.
Hindusthan National Glass & Inds. Ltd manufactures glass containers for Liquor, Beer, Pharmaceuticals, Processed Food, Cosmetics and Household segments.
Due to the illiquidity of penny stocks, even a small number of orders can trigger a circuit limit. Individual investors should conduct significant studies before picking up high-return penny stocks since they lack consistency in performance and hence constitute a high risk to retail investors.
Written by Omkar Chitnis
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