Shares of this microcap company locked a 2 percent upper circuit after receiving an order from the Office of Sungevity Enterprises Private Limited (SEPL) for the supply of 3 lakh solar street lights.
Price Movement:
With a market capitalization of Rs. 67.1 crores, the shares of Mehai Technology Ltd started Wednesday’s trading session on a higher note at Rs. 30.75, clocking a 2 percent upper circuit compared to its previous close of Rs. 30.15 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had received an order from the Office of Sungevity Enterprises Private Limited (SEPL) for the supply of 3 lakh solar street lights worth Rs. 855 crores.
The scope of work includes design, supply, installation, testing, and commissioning with a Comprehensive Maintenance Contract (CMC for 5 years) including a Remote Monitoring System (RMS) of a Smart Solar Street Light System on the identified existing electric pole under ‘Mukhyamantri Gramin Solar Street Light Yojana’ in the state of Bihar.
The project execution is to be completed within six months from the date of the work order issuance by the client, followed by a 5-year maintenance period.
Financials:
Looking at the company’s financial performance, the revenue decreased by around 10 percent from Rs. 4.84 crores during the December quarter to Rs. 4.38 crores in the March quarter. Contrastingly, the net profits showcased a transition from a net loss of Rs. 1 lakh to a net profit of Rs. 21 lakh during the same timeframe.
Shareholding Pattern:
According to the latest shareholding pattern, the Promoters possess 52.16 percent, while the remaining 47.85 percent is held by Retail Investors.
Company Profile:
Headquartered in Chennai, Mehai Technology Limited is an Indian electronics company that specializes in manufacturing and selling a variety of electronic products, including LED bulbs, fixtures, moonlight bulbs, tube lights, pen drives, and power banks.
Written By Vaibhav Patil
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