This penny stock jumped 15% within the hour of markets opening on Monday after it bagged an order from an international client and also announced orders for next 18 months and an MoU signed with an Australian Firm.
The stock currently trades at Rs. 14.62 versus Rs 14.38 at previous close. The company has a market cap of Rs. 332 crore and is currently trading 14% away from its 52 week high.
In a filing dated 9th October 2023, IFL Enterprises Ltd (“IFL Enterprises” or “IFL”) stated that it has received a substantial order valued at Rs. 72.98 crore from a renowned international client. This order marks a significant milestone for the company and is expected to boost the top line significantly.
In addition to the order mentioned above, IFL Enterprises anticipate further business opportunities in the coming months. The company has secured commitments for orders worth approximately AUD 115 million (Rs. 609.63 crore) over the next 18 months. These orders encompass a diverse range of products and are expected to contribute significantly to IFL Enterprises’ revenue growth and profitability in the long run.
The company also informed the signing of a Memorandum of Understanding (“MoU”) with Charter Paper Pty Ltd, an Australian family-owned company specializing in paper products. This strategic collaboration will enable IFL to expand its product portfolio and supply high-quality paper products to meet the growing demand in Australia and neighboring countries.
The MoU also includes provisions for mutual investments to support our upcoming operations. As per the MoU, Charter Paper Pty Ltd. is also willing to invest AUD 10 million (Rs. 53.01 crore) in IFL Enterprises for the fronting of upcoming operations if required as a gesture of goodwill.
IFL Enterprises trades in textile products in India.
Disclaimer: Since penny stocks are generally illiquid, even a small increase in volume of buy orders can lead to the stock hitting its upper circuit. Even though the stock prices come under an average buying range for retail investors and provide huge upsides, penny stocks are prone to huge risks to retail investors. As such, you should consult your financial advisor before taking an entry into such stocks.
Written by Sandeep R
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