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Reversal of fortune for this multibagger penny stock trading at Rs 13.12: Scrip claims a 459 percent increase in PAT as it hits back-to-back upper circuits.

With a history of accomplishments in distribution and transmission, Sharika Enterprises Ltd. is an experienced player in the power industry. The company aims to spearhead a revolutionary transition driven by innovation, state-of-the-art technologies, and sustainability in the direction of a “Smart Grid” future. With a track record of successfully implementing solar PV projects in partnership with governmental organizations, PSUs, educational institutions, and the commercial sector, they have a strong emphasis on the solar power industry. A whole range of solar solutions is provided by Sharika Enterprises, including microgrids, battery energy storage, EV charging systems, hybrid systems, real-time monitoring, and solar streetlights.

In comparison to Q4FY23, net sales climbed by 37.23% to Rs 29.36 crore, while net profit increased by 459% to Rs 7.71 in Q4FY24. These figures are reported in the Quarterly Results. According to its annual reports, net sales in FY24 surpassed FY23 by 55.71 percent, or Rs 78.42 crore. In FY24, the company reported a net profit of Rs 1.54 crore, up 146.4 percent from a net loss of Rs 3.32 percent in FY23.

Previously, U.P. Power Transmission Corporation Limited (UPPTCL) awarded the company a turnkey project for the procurement and erection of outdoor equipment for two 145 KV Bays at a 400 KV substation at Rasara, Ballia, Uttar Pradesh. The Rs 2,94,65,496 residential project must be finished within six months of the grant date.

Shares of Sharika Enterprises Ltd. saw a 5% upper circuit lock on Friday, closing at Rs 13.12 per share as opposed to Rs 12.50 on the previous day. Additionally, the stock hit a new 52-week high of Rs 13.12 and a 52-week low of Rs 5.47. The market value of the company is more than Rs 50 crore. A multibagger return of 140% was achieved by the stock from its 52-week low of Rs 5.47 per share.

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