Heavy buying witnessed: This smallcap stock got locked at 20 per cent upper circuit in today’s session!
The net profitability of the company shot up by whopping 2282 per cent from the corresponding quarter last year
On Monday, shares of Kotyark Industries zoomed and got locked at 20 per cent upper circuit to record an intraday high of Rs 362 apiece on NSE. The scrip witnessed a massive spurt in volume.
The exchange was informed by the company on April 1, 2023, that they have placed a bid to procure biodiesel from non-UCO feedstock. They were granted an allocation sheet by IOC, HPCL and BPCL, which amounted to Rs 115.90 crore for Kotyark Industries and a tender of 8400 KL for Yamuna Bio Energy (a company in the process of amalgamation with Kotyark Industries) from IOC, HPCL, BPCL, which amounted to Rs 78.50 crore for biodiesel procurement.
Furthermore, the company received a Letter of Intent (LOI) for a total deliverable cost order of Rs 48.19 crore for the Gujarat region from Kotyark Industries and a Letter of Intent for a deliverable cost order of Rs 24.37 crore was received by Yamuna Bio Energy Private Limited from Indian Oil Corporation.
In Q3FY23, the standalone net sales of the company zoomed more than 97 per cent from last year’s same quarter to Rs 47.91 crore. The EBITDA level surged by more than 1700 per cent from December 2021 quarter to Rs 4.81 crore. The net profitability of the company shot up by whopping 2282 per cent from the corresponding quarter last year to Rs 3.29 crore.
Kotyark Industries is serving towards renewable green energy and sustainable development of renewable natural resources and through the adoption of environmentally friendly technology that favours the net reduction of greenhouse gas emissions for use in a vehicle for public and private transport as well as various equipment and Gen Sets.
Keep a close eye on this trending stock.