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Synopsis: LIC-owned Integra Essentia, a penny stock, experienced a significant surge, hitting its upper circuit for the fifth consecutive day. This rally follows the announcement of substantial fresh orders in its agro and infrastructure segments, resulting in a 27% rise in the last five sessions.
Shares of LIC-backed penny stock Integra Essentia surged 5% on Friday, marking the fifth consecutive day of hitting the upper circuit. The stock climbed 4.81% to Rs 4.31, boosting the firm's market capitalization to Rs 460.17 crore. This recent rally has seen the stock rise by 27% over the past five trading sessions.
The surge in Integra Essentia's stock price can be attributed to the company's announcement of substantial new orders for its agro and infrastructure business segments, totaling approximately Rs 21 crore. The company stated, "We are thrilled to announce the receipt of substantial fresh orders for our Agro and Infrastructure Business Segments. These orders will further strengthen our presence in the infrastructure business, contributing to our steady growth".
Despite the recent gains, Integra Essentia's stock has dropped 42.46% from its 52-week high of Rs 7.69, recorded on January 17, 2024. As of the January to March 2024 quarter, LIC holds a 1.06% stake in the company, amounting to 97,19,832 shares.
Integra Essentia, which operates in sectors including agro products, textiles, infrastructure materials, and renewable energy, has seen its share price rise 34% over the past year and 52.30% in the last six months. The company's technical indicators are also positive, with its shares trading above several key moving averages, indicating sustained momentum.
The company's recent financial performance has also been robust. For Q1FY24, Integra Essentia reported a net profit increase of nearly 103%, reaching Rs11.83 crore, compared to Rs5.83 crore in the same quarter the previous year. Revenue for the quarter stood at Rs54.99 crore, slightly down from Rs55.96 crore in Q1FY23, highlighting a margin expansion that analysts find promising.
In light of these developments, Integra Essentia appears well-positioned for continued growth, driven by its strategic order wins and robust financial health.
Disclaimer: The information provided is based on current data and news sources. Investing in stocks involves risks, and it is crucial to conduct thorough research or consult with a financial advisor before making investment decisions.
