Shares of Ideaforge Technologies Ltd. jumped over 19% on Tuesday after it reported a net profit in the third quarter.
The company's net profit stood at Rs 14.79 crore in the October-December period, compared to a loss of Rs 7.80 crore in the corresponding quarter last year, according to an exchange filing.
Ideaforge Technologies Q3 FY24 Results (Consolidated, YoY)
Revenue up 1,065.93% at Rs 90.89 crore.
Ebitda at Rs 19.58 crore vs loss of Rs 16.18 crore.
Margin at 21.54%.
Net profit at Rs 14.79 crore vs loss of Rs 7.80 crore.
Shares of the company rose as much as 19.16%, the highest level since Jan. 5, before paring gains to trade 9.97% higher at 11:21 a.m. This compares to a 0.4% advance in the NSE Nifty 50.
The stock has fallen 40.22% since listing. Total traded volume so far in the day stood at 38 times its 30-day average. The relative strength index was at 55.66.
The one analyst tracking the company has a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 108.8%.
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