Small-Cap Miner Hits Lifetime High and 10% Upper Circuit in Weak Market

  • Stock Market News
Small-Cap Miner Hits Lifetime High and 10% Upper Circuit in Weak Market

By Malvika Gurung -- Shares of mining company Tega Industries (BO: TEGA ) hit a new all-time high and a 10% upper circuit at Rs 899.85 per piece on Wednesday, significantly defying the domestic market mood as benchmarks Nifty50 and Sensex decline up to 0.7%.

The mining equipment stock has been rising for three consecutive sessions and is up 12.5% during the period.

So far in the calendar year 2023, Tega Industries has given impressive returns of 53.4% to its shareholders. Its shares have rallied 99.3% in the past one year.

The small-cap stock hit the roof on Wednesday as investors reacted to its robust earnings for the quarter ended March 31, 2023.

Tega Industries reported a 58.15% rise in consolidated profit after tax (PAT) at Rs 77.3 crore on a YoY basis in the March quarter, while its revenue from operations surged 36.67% YoY to Rs 396.4 crore during the period.

The company’s EBITDA during the quarter witnessed a healthy 49.21% YoY growth to Rs 102.8 crore, while the operating EBITDA margin expanded to 25.9% from 23.8% in the same quarter last year.

The Kolkata-based mining and mineral processing company’s overall margin during the March-ended quarter slipped marginally to 55.6% from 56.6% in the year-ago period.

Tega said that increasing its penetration and market share in North and South America, Australia and South Africa, along with improving the market penetration by cross-selling remained among the company’s key growth drivers going forward.

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