Shares of this plastic products company locked at 5 per cent upper circuit, here's why!

Shreya Chaware
/ Categories: Trending, Mindshare
Shares of this plastic products company locked at 5 per cent upper circuit, here's why!

The stock has surged about 50.66 per cent in the last six months and is rallying towards its 52-week high of Rs 1625. Investors should keep this trending stock on their radar for the upcoming sessions.

On Friday, shares of Kingfa Science & Technology (India) saw a solid price-volume break and froze at 5 per cent upper circuit, recording an intra-day high of Rs 1402.8 per share on BSE. The scrip witnessed close to 1.5 times spurt in volume in today's session.  

In Q2FY23, the company reported revenue of Rs 351.26, up by 32.69 per cent from the corresponding quarter of last year of Rs 264.72 crore. The EBITDA levels grew by 139 per cent on a YOY basis to reach Rs 34 crore. Subsequently, the net profit of the company grew by 196.51 per cent to Rs 22.09 crore as against the figure of 7.45 crore during the previous quarter ended last year.  This is the highest-ever quarterly financials of the company. 

Kingfa Science & Technology (India) is a subsidiary company of M/s Kingfa Science & Technology Co Ltd China. It is engaged in the business of manufacturing and supply of high-quality modified plastic compounds for automotive and consumer products and personal protective types of equipment like masks and gloves. The company has manufacturing facilities situated at Pune, Puducherry and Manesar.    

The company is also present in the electric vehicles (EV) segment and has successfully commercialized flame-retardant compound for 2-wheeler segments in EV. It is also working with OEMs for passenger vehicles as well.  The company’s key focus and objective continue to be growing much above the market trend while continuously investing in people, technology and capacity ahead of the demand curve. The teams abroad are busy closing deals for the future.      

The stock has surged about 50.66 per cent in the last six months and is rallying towards its 52-week high of Rs 1625. Investors should keep this trending stock on their radar for the upcoming sessions.   

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