Home PENNY STOCK Penny Stock Jumps 14% bagging a project Order from Tata Power

Penny Stock Jumps 14% bagging a project Order from Tata Power

Penny Stock Jumps 14% bagging a project Order from Tata Power

The shares of Ultracab (India) Limited opened at Rs 29.65 levels and added as much as 14 percent to reach a high of Rs 32.70 in the early hours of Monday. The shares rallied after the company bagged an order worth Rs 22.88 Crores from Tata Power, India’s largest integrated power company.

Ultracab is the leading manufacturer and exporter of electric wires and cables in India. The company specialises in Instrumentation Cables, Elevator Cables, High-Temperature Automotive Cables, and UL Approved Cables.

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On a year-to-date (YTD) basis, the stock has gained approximately 37 percent. It reached its 52-week high of Rs 47.80 in March 2022. Currently, it is trading at a discount of 28 percent from those levels.

The buyers of the company’s products include names like Power Grid, BHEL, Western Railway, BPCL, IOCL, HPCL, Gujarat State Road Transport, etc. Their corporate clientele is Reliance Industries Limited, Adani Group, Hindustan Zinc Limited, Aditya Birla Group, Suzlon Energy Limited, Jindal Steel and Power, etc.

The total revenue of the company jumped by 45 percent Year on Year (YOY) as it stood at Rs 31.21 Crore in Q2FY23 compared to Rs 21.5 Crore in the same period the year earlier. Their net profit in the quarter under review jumped by more than 104 percent as it stood at Rs 1.43 Crore up from Rs 70 lakh in Q2FY22.

The small-cap company has a market capitalization of Rs 314 Crore. The promoters of the company hold a 62.12 percent stake with zero shares pledged.

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