Penny stock jumps 17.80% per cent after receiving an order worth Rs 32.45 crore from Bharat Petroleum Corporation Ltd
The shares of the company have a PE of 20x and the stock is up by 55 per cent from its 52-week low of Rs 58.12 per share.
On Monday, shares of Confidence Futuristic Energetech Ltd jumped 17.80 per cent to Rs 90 per share from its previous closing of Rs 76.40 per share. The stock’s 52-week high is Rs 119 per share and its 52-week low is Rs 58.12 per share. The shares of the company saw a spurt in volume by more than 11 times on the BSE.
Confidence Enterprise Pvt Ltd, a wholly-owned subsidiary of Confidence Futuristic Energetech Limited, has received a domestic order worth approximately Rs 32.45 Crore from Bharat Petroleum Corporation Limited. This significant contract is for the supply of various sizes of cascades, with delivery expected within 10 weeks from the date of the Call off/Site Purchase Order.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Incorporated in 1985, Confidence Futuristic Energetech Ltd (CFEL), a subsidiary of Confidence Petroleum India Limited and part of the Confidence Group, specializes in the manufacturing of CNG and oxygen cylinders. The company, along with its subsidiaries, produces a range of products including CNG high-pressure cylinders, LPG cylinders, CNG cascades, medical oxygen cylinders, and high-pressure seamless steel gas cylinders for various industrial gases. CFEL also markets its LPG cylinders to domestic and industrial clients under the "GO GAS ELITE" brand.
The company has a market cap of over Rs 200 crore with promoters holding 61.87 per cent stake and public holding 38.13 per cent stake. The shares of the company have a PE of 20x and the stock is up by 55 per cent from its 52-week low of Rs 58.12 per share.
Disclaimer: The article is for informational purposes only and not investment advice.