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Cable stock jumps 3% after company to likely acquire industrial plot worth ₹ 11.27 Cr in Rajasthan 

Published 20-06-2024, 01:21 pm
Cable stock jumps 3% after company to likely acquire industrial plot worth ₹ 11.27 Cr in Rajasthan
AVAN
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On Thursday’s trading session, the share price of a company engaged in the business of trading of ferrous and non-ferrous metals surged 3.8 percent on BSE to Rs. 37.85, after the company planned to acquire an industrial plot of land in Rajasthan to set up a manufacturing plant.

At 11:31 a.m., the shares of Bonlon Industries Limited were trading in the green at Rs. 36.8, up by 1.02 percent, as against its previous closing price of Rs. 36.43, having a market capitalisation of Rs. 52.2 crores.

As per the latest regulatory filings with the BSE, Bonlon Industries announced its plan to acquire an industrial plot of land in Bhiwadi, Rajasthan, with the purpose of setting up of manufacturing plant of High Tension Cables.

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Previously, the company had bidden in an E-Auction of an Industrial Plot launched by Rajasthan State Industrial Development & Investment Corporation Ltd. (RIICO).

Since the bid of the company was the highest in e-auction, it has received an offer for the allotment of land in an industrial area, admeasuring an area of 7,482 sqm.

The estimated investment required in land is Rs. 11.27 crore, with the internal accruals as its mode of financing.

In terms of financials, the company reported a decline in the revenue from operations by 15.6 percent YoY, from Rs. 511.03 crore in FY22-23 to Rs. 431.5 crore in FY23-24, but the after-tax profit increased by 36.5 percent from Rs. 1.7 crore to Rs. 2.32 crore, during the same period.

As per the shareholding pattern of March 2024, the Promoters hold a 63.91 percent stake in the company, while Retail Investors hold a 36.09 percent stake in Bonlon Industries.

The stock has delivered nearly 12.2 percent of positive returns in the last one year, but around 21 percent of negative returns year-to-date.

Bonlon Industries Limited is engaged in the business of manufacturing and trading of insulated cables, and ferrous/non-ferrous metals including copper, aluminium, zinc and lead. The company caters to both domestic and international markets.

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Written by Shivani Singh

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The post Cable stock jumps 3% after company to likely acquire industrial plot worth ₹ 11.27 Cr in Rajasthan appeared first on Trade Brains.

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