Q2FY25 results effect: Smallcap stock below ₹50 hits upper circuit for second day in a row

Gujarat Toolroom's shares hit the 2% upper circuit at 12.16 after strong Q2FY25 results, with net profit soaring to 26.78 crore. Total income rose 73% year-on-year to 271 crore. The stock remains over 73% below its 52-week high despite recent gains.

Pranati Deva
Published12 Nov 2024, 11:44 AM IST
Q2FY25 results effect: Small cap stock below  <span class='webrupee'>₹</span>50 hits upper circuit for second day in a row
Q2FY25 results effect: Small cap stock below ₹50 hits upper circuit for second day in a row

Shares of penny stock Gujarat Toolroom reached the 2 per cent upper circuit of 12.16 for the second consecutive session on Tuesday, November 12, following robust quarterly results for the period ended September 2024 (Q2FY25).

The company's net profit surged significantly to 26.78 crore in Q2FY25, compared to 2.4 crore in the same quarter of the previous year, and showed an 18 per cent sequential growth from 22.73 crore in the June quarter. Total income for the quarter rose 73 per cent year-on-year (YoY) to 271 crore, up from 156.7 crore in the corresponding period last year, with a marginal sequential increase of 2.5 per cent from 264.35 crore in the June quarter.

For the first half of FY25 (H1FY25), net profit saw a dramatic rise to 49.13 crore, compared with 3.2 crore in the same period last year. Total income for H1FY25 jumped over 239 per cent to 535.4 crore from 157.8 crore in the prior year.

Also Read | Bluechips seem poised for a comeback as smallcap and midcap markets overheat

Stock Price Trend

Before the recent back-to-back upper circuit sessions, Gujarat Toolroom's stock had been locked in a 2 per cent lower circuit for four consecutive sessions from November 5 to 8. Over the past year, the stock has declined by more than 70 per cent and has fallen over 65 per cent year-to-date in 2024. 

The stock currently remains over 73 per cent below its 52-week high of 45.97, which it reached in March 2024. However, it has risen more than 13 per cent from its 52-week low of 10.75, recorded in August 2024.

Also Read | Penny stock under ₹5: Five foreign companies buy stake during Q2 FY25

Other Recent Developments

In October, Gujarat Toolroom successfully completed a Qualified Institutional Placement (QIP), raising 50 crore at an issue price of 11.50 per share. This issuance attracted significant participation from institutional investors such as Zeta Global Funds and Eminence Global Fund PCC Trade Fund.

In an exchange filing, the company stated, “Gujarat Toolroom is delighted to announce the successful completion of its Qualified Institutional Placement (QIP), raising 50 crore through the issue and allotment of 4,34,78,260 equity shares at a price of 11.50 per share, including a premium of 10.50 per share. This represents a significant milestone in the Company’s ongoing growth journey.”

The filing further noted that Zeta Global Funds (OEIC) PCC Ltd and Eminence Global Fund PCC Trade Fund 1 collectively subscribed to half of the total allotment, each acquiring 2,17,39,130 equity shares. The company highlighted that the strategic purpose of the QIP was to secure additional capital to drive long-term growth objectives.

Also Read | ₹3.50 to ₹45.50: Penny stock turns multibagger. Rises 1200% in seven years

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First Published:12 Nov 2024, 11:44 AM IST
Business NewsMarketsStock MarketsQ2FY25 results effect: Smallcap stock below ₹50 hits upper circuit for second day in a row

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