The small-cap stock climbed strongly on Wednesday on the announcement of the recent earnings. The company is currently trading above its 50-day and 200-day moving averages, and its price is being supported by high and rising volume that exceeds its averages for the previous day and week. This stock has generated 295% gains in three years and 40% returns in one year.
Confidence Petroleum Ltd
Confidence Petroleum is a supplier of Liquefied Petroleum Gas (LPG) and is involved in the production of auto LPG, LPG cylinders, and packed cylinders. With 15 cylinder production facilities in India and it is the largest private manufacturer of LPG cylinders.
The company belongs to small-cap category, with a market capitalisation of Rs. 2,160 Cr. On Wednesday shares of the company ended 6.46% up at Rs. 75.85 and stock trading 18% away from the 52-Week high.
According to the company filing, consolidated total revenue rose by 146% YoY from Rs. 33.7 Cr in Q1 FY23 to Rs. 831.5 Cr in Q1 FY24, and for the same period, net profit increased by 141% from Rs. 13.6 Cr to Rs. 32.8 Cr.
As per the latest shareholding data as of June 2023, Promoters hold 61.31% of company shares, 27.82% of which were pledged, FIIs hold 1.94%, DIIs hold 1.23% and the public hold 35.53% stake in the company.
Written by Sheshadri N
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