Multibagger penny stock below Rs 100: This micro-cap company bags new orders worth Rs 41,15,00,000 from L&T and others!

The stock gave multibagger returns of over 240 per cent from its 52-week low of Rs 28 per share.

Marine Electricals (India) Limited informed that the company received orders amounting to Rs 21,90,00,000 (excluding GST). The details of the same are mentioned below:

1) Order received from Larsen & Toubro Limited, L&T Shipbuilding, Shipyard, Katlupalli Village, Tamil Nadu for the supply of Integrated Bridge System (IBS), Mian switchboard and electricals types of equipment for MPV Project (2 shipsets). The delivery shall be over a period of 12 months.

2) Order received from Material Organisation (Vizag), Visakhapatnam for the supply of spares of IBS. The delivery shall be over a period of 6 months.

3) Order received from Data Center Holdings India LLP, Airoli for supply of Installation testing and commissioning of row-wise BBT and energy monitoring system. The delivery shall be over a period of 4.5 months.

Additionally, the company has received an order amounting to Rs 20,25,00,000 (excluding GST) from Crescon Projects & Services Pvt Ltd., Tamil Nadu for the supply, testing & commissioning of LT panels. The delivery shall be over a period of 3 months

Marine Electricals (India) Limited is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. The company is engaged in manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. 

The company has a market cap of over Rs 1,200 crore. According to the Quarterly Results, the net sales increased by 52 per cent to Rs 121.4 crore and net profit increased by 51 per cent to Rs 5 crore in Q2FY24 compared to Q2FY23. In FY23, the net sales increased by 17.82 per cent to Rs 443 crore and net profit increased by 30.77 per cent to Rs 70 crore compared to FY22.

Today, shares of Marine Electricals (India) Limited plunged 1.44 per cent to Rs 92.50 per share with an intraday high of Rs 95.95 and an intraday low of Rs 91.05. The stock’s 52-week high is Rs 100.80 and its 52-week low is Rs 28.

The stock gave multibagger returns of over 240 per cent from its 52-week low of Rs 28 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.