GG Engineering shares hit upper circuit after Q4 results 2024 despite weak stock market trends
Indian stock market, GG Engineering share hit the upper circuit during Friday deals. GG Engineering share price today opened upside and touched a 5 percent upper circuit within a minute of the stock market's opening bell. While hitting the upper circuit on Friday, the small-cap stock priced below ₹5 locked in the upper circuit for the third straight session.
As per the information available on the BSE website, the penny stock under ₹5 has been hitting the upper circuit since Wednesday this week. Today's rise in GG Engineering shares can be attributed to the Q4 results 2024 that the small-cap company announced on Thursday evening. So, the market was expected to react to the Q4FY24 results of the engineering company.
As mentioned above, the small-cap company declared its fourth-quarter results for FY24 on Thursday evening. In Q4FY24, GG Engineering Ltd reported a total audited income of ₹771 crore, which stood at ₹303 crore in the corresponding period in the previous financial year. So, the company has logged a robust 154 percent YoY rise in total income in its audited Q4 results 2024.
Comparing the audited financial results of the company for FY24 with FY23, the company's total income has surged from ₹1,108 crore to ₹2,153 crore in the last one year. This means GG Engineering has not just done well in the recently ended March 2024 quarter but in the entire financial year 2023-24. GG Engineering's total income has grown to the tune of nearly 95 percent in the previous financial year.
The company's net profit in Q4FY24 grew from ₹53.7 crore to ₹54.7 crore in YoY terms. In FY24, GG Engineering's net profit stood at nearly ₹71 crore. The frontline indices of the Indian stock market today are under pressure.
Read more on livemint.com
