Thanks to significant gains in the fast-moving consumer goods (FMCG) and information technology sectors, Indian benchmark indices rose sharply and erased all of the session’s early losses to trade higher.
Broader indices, on the other hand, suffered severe selling pressure and underperformed the main indices. Skipper Ltd emerged as the top BSE Smallcap gainer, keeping small-cap bulls busy in a highly volatile market.
On an intraday basis on Monday, shares of Skipper Ltd skyrocketed and locked in at a 20% upper circuit at Rs 202.95 per share on the BSE. As the company announced a solid quarter performance, shares are currently seeing increased buying demand.
Considering the company’s quarterly performance, it reported robust growth of 33.28% from Rs 416.09 crore registered in Q1FY23, recording total revenue of Rs 554.58 crore in Q1FY24. It has reported operating profit growth of 66.54%. The net profit for the first quarter of FY24 soared by leaps and bounds from a loss of Rs 0.65 crore to Rs 16.25 crore as compared to the same quarter the previous year.
Shares are currently trading near a 52-week high of Rs 204 and have delivered stellar returns of more than 100% over the last 6 months! Shares gained sharply in June as the company stated that it had secured cumulative orders worth Rs 1,135 crore for the design, supply and construction of new transmission line projects for Power Grid Corporation, as well as tower and pole export supplies to the Latin America, Middle East and North Africa region.
Skipper Ltd, established in 1981, is one of the top companies in the power transmission & distribution and polymer segments. Its global footprint encompasses multiple continents and it operates in more than 50 countries, with a presence in sub-segments such as towers, EPC, monopoles, poles and railway electrification structures.
Keep a close eye on this stock for the upcoming sessions!
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.