The shares of Rungta Irrigation Ltd were locked in the upper circuit of 5 per cent in the early hours on Monday at Rs 43.25 levels. In the past six months, the stock has gained approximately 76 per cent.
In November 2021, the shares were trading at Rs 20.85 a piece on BSE. From there it has spiked up to the current levels logging a multibagger return of 108 per cent in a year.
Rungta Irrigation Limited, part of the RUNGTA group of Companies, is primarily engaged in the activity of Manufacturing, Designing, Assembling, and Marketing Sprinkler Irrigation systems. The product range of the company includes Sprinklers, Drip Irrigation systems.
The company will issue equity shares by way of a rights issue which will be less than Rs. 50 Crores The ratio for the issue is 1:1 which means that for each equity share owned by eligible shareholders as of the record date, the company would issue an additional Equity Share.
The shares will be issued at Rs 11 each. Out of this Rs, 10 is the face value along with a premium of Re 1. The record date for the purpose is set as November 11th, 2022.
In Q2FY23, the company reported a total income of Rs 21.36 crore which was a multifold increase from Rs 9.63 crore in Q2FY22. In the quarter under review, their net profit stood at Rs 46 lakhs as compared to Rs 12 lakhs in the same period the previous year.
The company has a market capitalization of Rs 38 Crores as of November 7th, 2022. The promoters hold a 38.27 per cent stake in the company with zero shares pledged.
Written by Anoushka Roy
