The share price of this electronic device manufacturer firm gained 9.6 percent on friday’s second half of trade after the company entered into an agreement to manufacture and distribute medical devices in India.
With a market capitalization of Rs 1,107.14 crores, at 2:41 pm., the shares of Vinyas Innovative Technologies Limited moved up by 6.6 percent, trading at Rs 938 piece on Friday’s afternoon session. Comparing today’s high of Rs 964.00 per share and to a previous close of Rs 879.75 per share, the stock surged by 9.6 percent.
The changes in the share prices were observed after the company announced a manufacturing and distribution agreement. According to the firms’ filings, the agreement mentions that Vinyas Innovative Technologies will produce and localize the supply of medical devices in India.
Analyzing the financials of Vinyas Innovative Technologies, The revenue from operations increased by 31.3 percent from Rs. 137 crores in H1FY24 to Rs. 180 crores in H2FY24. On a year-on-year basis, it increased by 34.8 percent from Rs. 235 crores in FY22-23 to Rs 317 crores in FY23-24.
The net profits of the company also witnessed an increament by 66.6 percent from Rs. 6 crores in H1FY24 to Rs. 10 crores in H2FY24. On a year-on-year basis, it increased by 114.2 percent from Rs. 7 crores in FY22-23 to Rs 15 crores in FY23-24.
The firm derives its revenues by providing services for engineering and manufacturing. Vinyas primarily focuses on industries such as aerospace and defence, medical, consumer, automotive, telecommunication, and industrial sector.
The shares of this company generated an multi-bagger return of 153.9 percent over the past year and 95.5 percent over the past 6 months.
As of March 2024, its shareholding pattern stood at 29.38 percent for promoters, 70.43 percent for the public, 0.16 percent for domestic institutional investors, and 0.03 percent for foreign institutional investors.
Incorporated in 2001, Vinyas Innovative Technologies Limited provides design, engineering, and electronics manufacturing services catering to global original equipment manufacturers (OEM) and original design manufacturers (ODM) Manufacturers in Electronic Industry. The company is based in Bangalore.
Written by Zahal
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