Plaza Wires locked in upper circuit for 10th straight day; up 70% since listing
Plaza Wires have been maintaining a strong upward trend since their listing, hitting the upper circuit limit with each passing day. The company's shares got listed on the stock exchanges on October 13, 2023, raising ₹71.3 crore through the initial public offering (IPO). The IPO received a tremendous response from investors, as it was subscribed to 160.98 times.
The stock enjoyed a great debut, opening at an almost 40.74% premium at ₹76 apiece compared to the issue price of ₹54. It ended the first day with a 48.5% gain at ₹80.2. This positive momentum continued for the following ten trading sessions (including today's trade), when the stock consistently hit the upper circuit limit, resulting in a stellar gain of 70%.
In today's trading session, it recorded a new all-time high of ₹136.60. As of the current trading price, the stock has gained a remarkable 153% from its IPO price. Plaza Wires is engaged in the business of manufacturing and selling wires, selling and marketing of LT aluminium cables, and fast-moving electrical goods.
Its key products in the wires and cables segment are building wires, also known as house wires, single and multicore round flexible industrial cables, and industrial cables for submersible pumps and motors. In terms of financial performance, the company reported a net profit of ₹7.51 crore in FY23, reflecting a growth compared to the net profit of ₹5.95 crore in FY22 and ₹4.24 crore in FY21. Its revenue from operations in FY23 stood at ₹182.60 crore, slightly higher than the FY22 revenue of ₹176.94 crore.
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