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Stock hits upper circuit after it secured order worth ₹ 10.9 Cr for radio frequency products

Published 19-06-2024, 01:51 pm
Stock hits upper circuit after it secured order worth ₹ 10.9 Cr for radio frequency products
KVRI
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On Wednesday, the share price of a leading wireless subsystem manufacturer hit a 2 percent upper circuit on BSE to Rs. 19.19, after the company bagged a purchase order worth Rs. 10.9 crore under the Make in India initiative in India.

With a market capitalisation of Rs. 38.62 crore, the shares of Kavveri Telecom Products Limited opened at Rs. 19.19, as against its previous closing price of Rs. 18.82.

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According to the latest regulatory filings with the stock exchanges, Kavveri Telecom Products secured a purchase order worth Rs. 10.9 crore for Radio Frequency products and Antennas under the Make in India initiative for a mission-critical project in India.

Kavveri developed these products at its Research and Development centre in India for the first time under the Make in India initiative.

The company is currently endeavouring to procure orders from overseas markets with an end aim to be a global manufacturing hub for its products in India under the Make in India initiative.

In terms of financials, the company reported a decline in the revenue from operations by 43.3 percent YoY, from Rs. 2.82 crore in FY22-23 to Rs. 1.6 crore in FY23-24, while the after-tax profit decreased from a profit of Rs. 31.5 crore in FY22-23 to a loss of Rs. 1.33 crore in FY23-24.

As per the shareholding pattern of March 2024, the Promoters hold a 15.14 percent stake in the company, Foreign Institutional Investors (FII) hold a 13.01 percent stake, while Retail Investors and Domestic Institutional Investors (DII) hold a 71.84 percent and 0.02 percent stake in Kavveri Telecom, respectively.

Kavveri Telecom’s shares have delivered 102.8 percent of multibagger returns in one year, and nearly 30 percent of positive returns in the last six months. So far in 2024, the stock has given around 31 percent returns.

Kavveri Telecom Products Limited provides hardware products and solutions for the telecom, defence and space industries, and delivers advanced products and solutions spanning the wide range of wireless Industry up to 18 GHz frequency range.

The company’s diverse range of products manufactured includes antennas, RF (Radio Frequency) components, filters, combiners, multi-couplers, repeaters, TMA/TMB and more.

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Written by Shivani Singh

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The post Stock hits upper circuit after it secured order worth ₹ 10.9 Cr for radio frequency products appeared first on Trade Brains.

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