Shares of this small-cap Iron & Steel Products company are rallying on the bourses today!

Shares of this small-cap Iron & Steel Products company are rallying on the bourses today!

by 5paisa Research Team Last Updated: Mar 14, 2023 - 01:10 pm 707 Views
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Yesterday, the company secured an order worth Rs 96.39 crore.

The shares of Surya Roshni Ltd are buzzing on the bourses today. As of 11.52 am, the shares of the company are trading higher by 4.56%. Owing to this, the stock is one of the top gainers on BSE from Group A.

Why the rally?

The surge in the share price came after the company made an announcement yesterday. As per the exchange filing, the company has obtained an order for supply of 3LPE Coated steel pipes from Hindustan Petroleum Corporation Limited for City Gas Distribution (CGD) projects in three geographical areas in the state of Rajasthan, Bihar, Jharkhand and West Bengal. Further, the total order amounts to Rs 96.39 crore (including GST).

Quarterly performance highlights

In the recent quarter Q3FY23, on a consolidated basis, the company’s net revenue decreased by 0.44% YoY to Rs 2021.28 crore. In contrast, the bottom line increased by 121% YoY to Rs 89.66 crore.

The company is currently trading at a TTM PE of 13.61x, as against the industry PE of 13.62x. In FY22, the company delivered an ROE & ROCE of 14% and 16% respectively. The company is a constituent of Group A stocks and commands a market capitalization of Rs 3,760.75 crore.

Share price movement-

Today, the scrip opened at Rs 670.50 and has touched a high and low of Rs 691.40 and Rs 667.30, respectively. So far 32,890 shares have been traded on the bourses.

At 11.52 am, the shares of Surya Roshni Ltd were trading at Rs 687.20, an increase of 4.5% from the previous day’s closing price of Rs 657.20 on BSE. The stock has a 52-week high & low of Rs 741.25 and Rs 336.05 respectively on BSE.

Company Profile

Surya Roshni business interests are broadly aligned into two areas: Steel Pipes & Strips and Lighting & Consumer Durables. In the Steel Pipes & Strips segment, the Company manufactures range of steel pipe products for Agriculture, Infrastructure, Oil & Gas and Construction Sectors. Its offerings for the Oil & Gas sector are approved by the American Petroleum Institute (API). The pipe manufacturing units are strategically located in Haryana, Gujarat, Andhra Pradesh and Madhya Pradesh that allows the Company to mark its presence across the length and breadth of the country and across the globe including the Middle East, Europe, Africa and Asia.

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