Shares of PG Electroplast Ltd. jumped nearly 10% to hit a record high on Monday after its consolidated profit surged in the first quarter.
The electronic manufacturer's consolidated net profit rose 46% year-on-year to Rs 12.3 crore in the June quarter, according to an exchange filing.
PG Electroplast Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 26% at Rs 307 crore.
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Net profit up 46% at Rs 12.3 crore.
Ebitda up 27% at Rs 25.7 crore.
Margin at 8.37% vs 4.88%.
Shares of PG Electroplast rose 6.60% to Rs 1,666 apiece, compared to a 0.13% gain in the benchmark NSE Nifty 50 as of 11:58 a.m. The stock gained 9.80%, the most since Dec. 14, 2022, to hit a record high of 1,716.05 per share.
The stock has risen nearly 46.6% year to date. The total traded volume so far in the day stood at 13.3 times its 30-day average. The relative strength index at 68.
All three analysts tracking PG Electroplast maintain a 'buy' rating on the stock, according to Bloomberg. The average of 12-month analyst price targets implies a potential upside of 13.8%.
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