Shares of Brightcom Group Ltd. rose after it guided for higher revenue and profit in the 2024 financial year.
The company expects its top line to be in the range of Rs 9,196.03 crore to Rs 9,667.63 crore in current fiscal, suggesting a mid-point growth of 27.51% as compared to the 2023 fiscal, according to its exchange filing. It sees the profit after tax at Rs 1,659.14 crore to Rs 1,744.23 crore, with a mid-point growth of 24.12% as compared to the last fiscal.
Shares of Brightcom rose 1.15% to Rs 24.8 apiece as of 11.45 a.m., compared to a 0.25% advance in the NSE Nifty 50. The scrip gained as much as 4.86% intraday, the most since June 9. It has advanced for five consecutive sessions to jump 27% since June 6.
The average traded volume so far in the day stood at 0.2 times its monthly average. The relative strength index was at 81, implying that the stock may have been overbought.
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