₹133.15 apiece in today's session. This marks a cumulative drop of 21% over the six-day period. The decline can be attributed to profit booking, as the stock had been on an upward trajectory between January 19 and February 02, delivering a stellar return of 93.5% in just two-week period, surging in value from ₹87.20 apiece to ₹168.65.
Also Read: Mamaearth share price jumps nearly 10% as net profit soars 264% in Q3 On February 01 and February 02, the stock recorded substantial gains of 10% and 19%, respectively. This surge was triggered by the government's robust emphasis on affordable housing in the Union Budget 2024–2025. In terms of the stock's monthly performance, it finished 10 out of the last 11 months in positive territory, posting gains of 289%.
The stock recorded its best monthly performance in January, with a gain of 59%, followed by July and November, with returns of over 16.6% and 16%, respectively. In January, the company secured eight new orders, building on the four orders received in December, as per the company's exchange filing. Also Read: PSU stocks rally: Market ignoring large downside risks, says Kotak Equities Notably, one substantial order was from the National Cooperative Development Corporation (NCDC).
This order involves the construction of 1,469 warehouses and other agri-infrastructure, contributing to the World's Largest Grain Storage Plan in the cooperative sector. The total value of this significant order stands at ₹1,500 crore. Looking at the company's financials, the company posted a consolidated net profit of ₹82 crore in Q2, compared to a net profit of ₹77 crore in Q1 FY24 crore.
Read more on livemint.com