Shares of this penny stock associated with computer hardware & accessories hit the upper circuit in Friday’s trading session after the company announced strong results for Q2FY24, viz, for the quarter ended September 2023.
With a market capitalization of Rs 126.90 crores, the stocks of Shradha AI Technologies Limited opened their trading session hitting its 2 percent upper circuit at Rs 52.05 and currently trades at the same price levels. The company’s stock is inching near its 52-week high price which was recorded at Rs 53 apiece.
Such bullish behavior around the stocks of the company was witnessed after a BSE filing, dated 2nd November 2023, announcing financial results for the quarter ended September 2023.
QoQ, the company reported a huge jump as far as the operating revenues and after-tax profits are concerned. The former rose from Rs 3.08 crores during Q1FY23-24 to Rs 6.05 crores during Q2FY23-24, and, the latter, keeping the timeframe the same, moved up from Rs 43.53 lakhs to Rs 2.18 crores.
In addition, the company, on a yearly basis too, was successful in increasing the operating revenues and after-tax profit numbers with the former increasing from Rs 6.97 lakhs during Q2FY22-23 to Rs 6.05 crores during Q2FY23-24, and, the latter, during the same time horizon, shifting up from Rs 2.20 lakhs to Rs 2.18 crores exhibiting a huge jump of 9,800 percent.
The company Board of Directors also recommended an interim dividend of Rs 0.50 per equity share, viz, a 10 percent payout over the Face Value of Rs 5 per equity share. The Record Date for the same is fixed as 17th November 2023.
As per shareholding data available for the September 2023 quarter, the company’s Promoters hold a 74.66 percent stake followed by the Public (retail) investors holding the remaining 25.34 percent stake in the company.
Incorporated on 1st January 1990, Shradha AI Technologies Limited is engaged in the business of trading items like computers, computer hardware, and other accessories. The company also deals in various types of PP mats and other allied products in the state of Maharashtra.
Written by Amit Madnani
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