Shares of Supreme Industries rise after the company reported a solid quarter performance!

Indian frontline indices opened the session higher with significant gains in the healthcare, telecommunications, and capital goods sectors. The broader indices outperformed the main indices, and real estate stocks were among the top gainers in the BSE Midcap and BSE Smallcap packs.

Supreme Industries, one of the top BSE Midcap gainers today, drew investor attention thanks to its strong uptrend in frequent trading sessions. On an intraday basis on Monday, shares of Supreme Industries Ltd surged more than 4%, reaching a day’s high of around Rs 3,735 per share on the BSE. A few sessions ago, the stock hit a fresh 52-week high of Rs 3,813 per share.

Shares of the company climbed more than 96% over the past year, and have experienced a significant rally, gaining more than 9% in the last six sessions following the announcement of healthy quarter results.

Considering the company’s quarterly performance, it reported a growth of 7.37% from Rs 2,205.98 crore registered in Q1FY23, recording total revenue of Rs 2,368.54 crore in Q1FY24. It has reported operating profit growth of 22.89%. When compared to the same quarter last year, the net profit for the first quarter of FY24 soared 24.8%, from Rs 155.74 crore to Rs 194.36 crore.

Supreme Industries, founded in 1942, is one of India’s leading manufacturers of plastic products today. The company manufactures products in a number of different product categories, including plastic piping systems, cross-laminated films & products, protective packaging products, industrial moulded components, moulded furniture, and storage and material handling products.

The company plans to commit a capex of roughly Rs 750 crore this year, including Rs 153 crore in carry-forward commitments at the start of the year. Capex is intended to expand capacities and develop new product lines across all segments.

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.