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Microcap stock hits upper circuit after company received an order from ONGC

Published 19-06-2024, 03:26 pm
Microcap stock hits upper circuit after company received an order from ONGC
ONGC
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The share price of this Microcap telecom equipment and infra services firm hit a 2 percent upper circuit to an Intraday high of Rs 600.25 per share on Wednesday after the company received a work order to deploy its Cyber Security Defence strategy solutions from ONGC (NS:ONGC).

With a market capitalization of Rs 457.87 crores, the shares of Valiant Communications Ltd locked at 2 percent upper circuit, trading at Rs 600.25 a piece on Wednesday’s afternoon session, Compared to today’s high of Rs 600.25 per share to a previous close of Rs 588 per share.

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As per Valiant Communications stock exchange filings, the company secured an order from Oil & Natural Gas Corporation (ONGC) to deploy its Cyber Security Defence strategy solutions in ONGC’s network.

This is crucial as ONGC is part of India’s Critical Information Infrastructure (CII), and its digital assets needs to be protected from cyber threats, network intrusions, and ransomware attacks.

Examining the financials of the firm, On a year-on-year basis, the revenue from operations increased by 47.07 percent from Rs. 31.5 crores in FY22-23 to Rs 46.3 crores in FY23-24. Also, the net profits of the firm increased tremendously by 269.6 percent from Rs. 1.68 crores in FY22-23 to Rs 6.21 crores in FY23-24.

The Earnings per share (EPS) of the company has increased by 267.3 percent from Rs 2.33 per share in March 2023 to Rs 8.56 per share in March 2024. The net profit margin stood at 13.39 percent for the time period March 2024.

Valiant Communications Ltd has projects in over 100 countries and has recently completed projects in the USA, France, Turkey, Romania, Bulgaria, India, UAE, Jordan, Kuwait, Nepal, Sri Lanka, Bangladesh, and Vietnam.

The shares of this company generated a multi-bagger return of 244.97 percent over the past year and 86.04 percent for the past 6 months.

As of March 2024, the firm’s shareholding pattern stood at 43.11 percent for promoters, 55.67 percent for the public, 0.16 percent for the foreign institutional investors, and 1.06 percent for the domestic institutional Investors.

Incorporated in 1993, Valiant Communications Ltd manufactures communication equipment, primarily for power and other utilities, also provides allied services.

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Written By Zahal

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