The shares of this microcap company clocked a 20 percent upper circuit after receiving multiple orders from the Ministry of Defence and the Ministry of Petroleum and Natural Gas. The stock has delivered more than 80 percent return to its shareholders in one year.
Price Movement:
With a market capitalization of Rs. 11.9 crores, the shares of Panabyte Technologies Ltd started Monday’s trading on a higher note at Rs. 27.10 compared to its previous close of Rs. 24.51. During the trading session, the shares clocked a 20 percent upper circuit at Rs. 29.41 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had received a contract work order from one of the laboratories under the Department of Defence Research & Development (DRDO), Ministry of Defence, Government of India, worth over Rs. 2.62 crores to carry out Procurement, Installation and Commissioning of Human and Vehicle Access Control.
Additionally, the company also received another work order worth over Rs. 1.99 crores for Attendance Monitoring Access Control System at Mangalore Refinery & Petrochemicals Limited under the Materials Department, Ministry of Petroleum and Natural Gas.
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Financials:
Looking at the company’s financial performance, the revenue declined by 28 percent from Rs. 1.34 crores during the March quarter to Rs. 96 lakhs in the June quarter. On the other hand, the net profits decreased by around 78 percent from Rs. 9 lakhs to Rs. 2 lakhs.
Business Overview:
Panabyte Technologies delivers a diverse range of technology solutions, including tailored electronic security systems, IoT devices for smart computing and digital classrooms, and a variety of consumer electronics like IT hardware, LED lighting, and audio products.
The company also offers professional services such as project-based work, annual maintenance contracts for large corporates, and product installations.
Recent Development:
Previously, the company had secured a tender from Tata Memorial Centre – Advanced Centre for Treatment, Research & Education in Cancer (ACTREC) to carry out SITC (Supply, Installation, Testing, Commissioning) of a CCTV Surveillance system in the Histopathology lab.
Shareholding Pattern:
According to the latest shareholding pattern, the Promoters hold a relatively small stake of 11.37 percent, while Retail Investors own the remaining 88.64 percent of the shares.
Company Profile:
Incorporated in 1981, Panache Innovations Ltd is engaged in multi-product distribution viz., Consumer Electronic & Electrical Goods and IT Hardware & its peripherals and Sanitary products.
Written By Vaibhav Patil
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