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Business News/ Markets / Stock Markets/  Gujarat Toolroom share price hits upper circuit on second day in a row ahead of Q4 results 2024
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Gujarat Toolroom share price hits upper circuit on second day in a row ahead of Q4 results 2024

Small-cap stock below ₹50: Gujarat Toolroom share price has been hitting the upper circuit after the company declared the date of announcement of Q4 results 2024

The small-cap company recently declared a strategic move to foray into the renewable energy sector with the acquisition of 65 acres of land on a long-term lease in GujaratPremium
The small-cap company recently declared a strategic move to foray into the renewable energy sector with the acquisition of 65 acres of land on a long-term lease in Gujarat

Q4 results 2024: Gujarat Toolroom share price has been on an uptrend for the last two days. The small-cap stock of 162 crore came under the radar of Dalal Street bulls when the company declared its board meeting date for discussing and approving the financial results for Q4FY24. In an exchange filing, the small-cap company informed the Indian stock market exchanges about the board meeting date and its agenda on April 29 2024. After this stock market news outbreak, small-cap stock below 50 touched a 5 per cent upper circuit on all following sessions, i.e., on Tuesday and Thursday. In other words, the small-cap stock has been hitting the upper circuit for the last two straight sessions.

Gujarat Toolroom Q4 results 2024 date

Informing the board meeting date to the Indian stock market bourses, the small-cap company said, "The Board of Directors of the Company meeting is scheduled on 06/05/2024, inter alia, to consider and approve 1. Approval of the Annual Financial Results for the Fiscal Year ended March 31, 2024, reflecting our sustained progress and financial performance amidst dynamic market conditions. 2. Deliberation and decision-making on appointing a proficient Consultant/s to facilitate our listing on the prestigious National Stock Exchange (NSE) and Nasdaq. This strategic move aligns with our global vision of expanding our shareholder base, showcasing our confidence in Gujarat Toolroom' future prospects. 3. Comprehensive review and optimistic discussion on our business updates for the upcoming quarters, highlighting our proactive approach and strategic initiatives to drive growth. We will explore expansion opportunities for our Mining Division in Zambia, underlining our commitment to diversification and market leadership. 4. Other Business with the permission of the Chairperson of the company."

Gujarat Toolroom news

The small-cap company recently declared a strategic move to foray into the renewable energy sector with the acquisition of 65 acres of land on a long-term lease in Gujarat. This significant diversification of its business portfolio underscores Gujarat Toolroom's commitment to environmental sustainability and marks a pivotal step towards its future growth. The acquired land will serve as the site for Gujarat Toolroom's ambitious Hybrid Power Plant project, which integrates solar and wind energy technologies to harness the region's abundant renewable resources.

The company's strategic project includes provisions for 15 on-shore wind turbines, strategically placed across the site to harness wind power efficiently. This, combined with the dedication of around 60 acres of land to solar panel installation, will capitalize on Gujarat's ample sunlight to generate clean and sustainable electricity. Upon completion, the Hybrid Power Plant is projected to generate 97.5 Megawatts of power per hour, making a substantial and positive contribution to the region's energy grid and potentially enhancing the company's financial performance.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 02 May 2024, 01:18 PM IST
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