Orient Press Ltd which is in the business of packaging and printing locked in the upper circuit today after it declared financial results last Saturday and shared news of company diversification. In the last trading session, which was on Friday the stock closed at Rs 109.80. Today, it opened at Rs 120.01 and got locked at the upper circuit at Rs 131.76, up by 20%. Today shares of the company hit a fresh 52-week high and stand at Rs 131.76 while its 52-week low stands at Rs 53.25. Currently, the company boasts a market capitalisation of approximately Rs 131 crore. Over the past one-year shares of the company have given multibagger returns of 126.39%.
About the Result and Diversification
The company reported that its board of directors has approved for setting up of a new manufacturing facility/pant at Tarapur Industrial Area, Boisar Dist. Palghar for a new line of business of production of candles. Estimated Rs 5 crore to be invested and may be revised by the board of directors from time to time. The company expects India to have huge production as well as consumption of candles and emerging great business in India and for rich culture advantages for festivals company would to take benefits from this area which will help to increase turnover and profits.
On a standalone basis, in comparison to the same quarter last year, the company’s net profit for the third quarter which ended on December 31, 2023, decreased from a loss of Rs 0.63 crore to a loss of Rs 0.56 crore. In Q3FY24, the company’s total net revenue decreased by 0.90% from Rs 44.58 crore to Rs 44.18 crore in a similar quarter the year prior. In comparison to the last quarter, the company’s net profit for the third quarter decreased by a loss of Rs 0.81 crore. In a similar period, the company’s total net revenue increased by 14.46% from Rs 38.6 crore.
About the company
In 1996, Orient Press entered into Printed Cartons, commencing commercial production from its plant at Silvassa, Union Territory of Dadra & Nagar Haveli. The company has been devoted to bringing best-in-class solutions in commercial and security printing, flexible packaging and printed cartons.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.