Infra Stock Hit 5% Upper Circuit At 52W-High After Rallying 115% In 1 Month

The shares of Hazoor Multi Projects were traded in the 5 per cent upper circuit during Wednesday's trading session. On December 12, 2023, the counter, which wrapped up at Rs 284.20, reached a new 52-week high of Rs 298.40 on the Bombay Stock Exchange (BSE), up 5%. The shares of Hazoor Multi Projects Ltd. were up by about 80% during the previous thirteen sessions.

According to BSE statistics, the stock surged 310 per cent year-to-date (YTD) and soared 115.22 per cent during the last 30 days. It went on to point out that during the previous three years, the scrip climbed by an astounding 10,502.34 per cent. It's fascinating to note that on December 13, the shares of Hazoor Multi Projects Ltd., which had been trading at an upper circuit level at Rs. 137.95 a share on the BSE since November 23, 2023, were trading at Rs. 298.40, indicating a 116% increase in value in these sessions.

The company's announcement to the markets that the board had approved the fundraising of Rs 97.90 crore through the preferential issuance of shares at a meeting on December 6th triggered the stock to spike. On November 23, the company received an order valued at Rs 1129.81 crore. The state of Maharashtra issued an order in the Ratnagiri district pertaining to the restoration and four-lane upgrade of NH-66 under NHDP-IV on a hybrid annuity basis.

The company reported net sales of Rs. 189.34 crore during the September 2022 quarter; but, in the September 2023 quarter, net sales dropped by 40.72% to Rs. 112.25 crore. From Rs. 9.46 crore in Q2FY23 to Rs. 13.79 crore in Q2FY24, its net profit increased by 45.81%. In the second quarter of the current fiscal year, EBITDA increased by 42.76% to Rs. 18.63 crore from Rs. 13.05 crore in the same period in FY23.

The construction of roads is HMPL's primary area of expertise. An Indian firm named Hazoor Multi Projects Limited is in the real estate and infrastructure sectors.