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Shares of this multibagger stock under the ‘micro-cap’ category hit the 2 percent upper circuit in Thursday’s trading session after the company successfully incorporated a wholly-owned subsidiary company in Dubai, UAE. 

With a market capitalization of Rs 611.61 crores, the stocks of Dolphin Offshore Enterprises India Limited started their trading session on Thursday hitting the 2 percent upper circuit at Rs 1528.85, and currently are locked at the same level. The same price is also marked as the company’s fresh 52-week high level. 

Such sharp stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that it has incorporated a wholly-owned subsidiary company, viz, “Beluga International DMCC”, in Dubai, UAE, and received a certificate of registration on 10th January 2024. 

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The incorporated company will carry out activities relating to ship charter including Barges and Tugs for passenger transport/cargo, renting and leasing of water-transport boats, etc. 

Keeping a purview of six months, the company’s stock has delivered massive returns of 1,240 percent to its stakeholders, i.e., if someone had converted Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 13.40 lakhs. 

During the recent financial quarters, the company reported positive movements in the prime business indicators such as operating revenues and net profits. The former moved up from Rs 69 lakhs during Q1FY23-24 to Rs 2.05 crores during Q2FY23-24, and the latter, during the same period, shifted from Rs 13 lakhs to Rs 3.53 crores. 

In addition, the company reported healthy profitability ratios with the return on equity (RoE) reported at 20.36 percent during FY22-23. The company reduced its debt-to-equity ratio to a great extent from 3.11 times during FY21-22 to just 0.10 times during FY22-23. 

Founded in 1979, Dolphin Offshore Enterprises India Limited is engaged in the business of providing underwater services to the Indian oil and gas industry. The company’s services include underwater diving and engineering, marine logistics, vessel operations & management, and fabrication amongst others. 

Written by Amit Madnani 

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