430 per cent jump in net profit: Multibagger IT stock hit 10 per cent upper circuit on stellar quarterly results!

The stock is up by 50 per cent in 1 year, 177 per cent in 2 years and over 280 per cent in 3 years.

On Thursday, one of the Top Gainers on BSE, shares of 63 Moons Technologies Ltd jumped 10 per cent upper circuit to Rs 279.55 per share from its previous closing of Rs 254.15 per share. The stock has a 52-week high of Rs 282.20 and a 52-week low of Rs 142.05.

The sudden rise in the stock price is due to the company announcing stellar Quarterly Results. In Q1FY24, the net sales increased by 181.28 per cent to Rs 115.08 crore, the operating profit increased by 115 per cent to Rs 59 crore and the net profit skyrocketed 430 per cent to Rs 39.98 crore compared to Q1FY23. The EPS for Q1FY24 stood at Rs 8.54.

63 Moons Technologies Limited develops trading technologies. The company offers a trading platform for multi-asset classes such as equity, commodity, and equity and forex-based derivatives. 63 Moons Technologies provide warehousing and collateral management services worldwide. The shares of the company saw a spurt in volume by more than 6.27 times on BSE.

The company has a market cap of Rs 1,288.13 crore with a 5-year stock price CAGR of 24 per cent. The promoters of the company own 45.63 per cent of the shares, while FIIs own 5.16 per cent and DIIs own 0.12 per cent. The remaining 49.09 per cent of the shares are owned by the general public. Additionally, the stock is trading at 0.38 times its book value of Rs 676.

The stock is up by 50 per cent in 1 year, 177 per cent in 2 years and over 280 per cent in 3 years. Investors should keep an eye on this multibagger Small-Cap stock.

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