Defence stock jumps after receiving order for gun stand assemblies from defence firm
This small-cap stock soars 8.8% after receiving an order worth Rs. 13.30 Cr. The robust and rising volume, which is higher than averages from the previous day, is helping to support the stock price and this stock is currently trading above both the 50-day and 200-day moving averages.
Avantel (BO:AVAN) Ltd
On Thursday the company shares opened at Rs. 241 and currently trading 8.8% up at Rs. 255.95 and the stock reached a new 52-high at Rs. 259.95 on the same day. The company belongs to a small-cap category, with a market capitalisation of Rs. 2,073 Cr.
The company has a purchase order for Rs. 13.30 Cr. from Bharat Electronics (NS:BAJE) Limited for the delivery of PA Modules, according to the company filing and it is anticipated that the order will be executed by April 23, 2024.
The stock delivered 400% returns in one year, therefore making an investment of 1 lakh one year ago now would be worth 5 lakhs.
As per the company filing, the company’s total consolidated revenue grew by 155% YoY from Rs. 24.10 Cr in Q1 FY23 to Rs. 69.15 Cr in Q1 FY24, for the same period net profits increased by 82% YoY from Rs. 4.38 Cr to 8.01 Cr.
Promoters hold 40.10%, the Public hold 59.87% and DIIs hold a 0.03% stake in this company as of June 2023.
Avantel Ltd. The company produces and markets wireless communication products and solutions, two-way voice/data terminals, real-time train information systems, customised solutions for INSAT-based mobile satellite services, and other telecom products and services.
Written by Sheshadri N
The post Small-cap stock gains 8.8% after company receives an order worth ₹ 13.30 Cr from BEL appeared first on Trade Brains.