Shares of this multibagger irrigation stock under Rs 100 hit its 5 percent upper circuit on Tuesday after the company was empaneled as a vendor for supply of ‘rooftop solar plants’ under the “PM Surya Ghar Yojna” scheme.
With a market capitalization of Rs 284.79 crores, the stocks of Captain Polyplast Limited started their trading session on Tuesday hitting its 5 percent upper circuit recorded at Rs 56.53 apiece and currently trades at the same price. The locked price is also marked as the company’s new 52-week high figure.
Such sharp share price movements were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about their empanelment as a vendor for the supply of ‘rooftop solar plants’ under the “PM Surya Ghar Yojna” scheme.
The growth opportunities for the company’s ‘solar EPC’ vertical are expected to increase potentially as the Government pushes to cover almost 1 crore households under the abovementioned scheme.
Captain Polyplast Limited is currently emplaned for Gujarat with various distribution companies (Discoms), including Uttar Gujarat Vij Company Limited, Dakshin Gujarat Vij Company Limited, Madhya Gujarat Vij Company Limited, Paschim Gujarat Vij Company Limited, and Torrent Power Limited.
During the recent financial quarters, the company’s prime indicators of business, such as operating revenues as well as after-tax profits, showed a jump in numbers with the former increasing from Rs 70.33 crores during Q2FY24 to Rs 82.60 crores during Q3FY24 and the latter, keeping the timeframe the same, rose from Rs 3.52 crores to Rs 4.63 crores.
Keeping a purview of the last six months, the company’s stock has delivered multibagger returns of nearly 116 percent to its shareholders, i.e., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 2.16 lakhs.
Incorporated in 1997, Captain Polyplast Limited is engaged in the business of manufacturing as well as selling micro-irrigation systems and other allied products. Its product portfolio includes irrigation equipment, solar systems, fertilizer polymers, pipes & fittings, etc. The majority of company’s revenue comes from the ‘Micro Irrigation Systems’ & ‘Allied Products’ segment.
Written by Amit Madnani
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