Shares of this industrial electrical and electronic components manufacturing company clocked 5 percent upper circuit in Thursday’s trading session after receiving multiple orders worth Rs. 15.04 crores. The company’s stock has delivered multibagger returns of 202 percent to its stakeholders in one year.
With a market capitalisation of Rs. 1,380 crores, the shares of Marine Electricals (India) Ltd started Thursday’s trading session on a higher note at Rs. 111.80 compared to its previous close of Rs. 106.50. Within a few minutes of the opening bell, the shares hit a 5 percent upper circuit at Rs. 111.80, also recorded as the company’s fresh 52-weeks high.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had received an order from STTelemedia Global Data Centres for LV Panels for NMDC and the orders shall be over 4 months.
Furthermore, the company also received an order from the Material organization (Vizag) for the IBS P28 B class of ship. The Delivery and Service shall be over 9 months.
Coming onto the financial statements published by the company, the revenue magnified by 36 percent from Rs. 101.07 crores in the June quarter to Rs. 137.32 crores during the September quarter. In addition, the net profits increased by around 35 percent from Rs. 3.52 crores to Rs. 4.75 crores during the same timeframe.
Earlier, Marine Electricals (India) received a contract valued at Rs 31.85 crore from the Ministry of Defence. The order entails the supply of 6 integrated bridge systems (IBS) designed for the TEG and Shivalik Classes of ships. The delivery of these systems is scheduled over 36 months.
In FY23, the order book of the company stands at Rs. 486 crores. Additionally, the company has also received orders from L&T amounting to Rs. 16 crores, Goa Shipyard Limited amounting to Rs.10 crores and a few more.
Headquartered in Mumbai, Marine Electricals (India) Ltd was incorporated in 1978. The company is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.
They are engaged in the manufacturing and sale of all types of marine and industrial electrical and electronic components like switch gears, and control gears.
Written By Vaibhav Patil
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