Multibagger Penny Stock Under Rs 3 Hits 10% Upper Circuit, Gains 96% In 2-Weeks

Shares of GG Engineering Ltd have been witnessing sharp rally for past couple of months. GG Engineering shares gained 58% in last 1-week and soared 95.67% in last 2-weeks. GG Engineering stock hit 10% upper circuit and traded new 52-week high to end at Rs 2.31 apiece. The company has a market capitalisation of Rs 203.16 crore.

The company for Q2 FY24 declared its net profit at Rs 0.75 crore YoY, up 53% from Rs 0.49 crore declared in the corresponding quarter of last year. Check details below:

GG Engineering Share Performance & Return Over Years: The stock's 52-week high price is Rs 2.31 per share and 52-week low price is Rs 0.74 crore, respectively. GG Engineering shares gained 94% return in last 1-month, offered return of 148% in last 6-months, and rallied 51% in last 1-year. In last 2-years, GG Engineering stock declined 54%. GG Engineering shares have been hitting back to back upper circuits and 52-week high since November 24, 2023.

The most recent Bulk deal for G G Engineering Ltd took place on November 24, 2023 on BSE. 5,066,755 shares were traded at an average price of Rs 1.89 and another 6,581, 372 shares were traded at an average price of Rs 1.89.

GG Engineering Quarterly Results: The company stated its revenue from operations stood at Rs 73.24 crore in Q2 FY24, UP 98.42% as against Rs 36.91 crore reported in the corresponding quarter of last year. Its net expenses declared at Rs 72.20 crore for the quarter under consideration, up 99.39% from Rs 36.21 crore in Q2 FY23. Meanwhile, the expenses incurred for Right Issue during the quarter and half year ended on September 30, 2023 approximately 95.20 lakh were capitalized and adjusted from other equity.

"During the Quarter And Half year ended 30th September 2023 the company has raised fund through Right issue amounting to Rs 4988.20 Lakh through allotment of 4,98,20,215 Equity shares of face value of Rs.1 each Fully paid up shares," said the company.

GG engineering About: Established in 2006, G G Engineering Limited (BSE: 540614) has been at the forefront of meeting the rising demand for superior Infrastructural & Structural Steel, and Engineering products, according to its official website.

Disclaimer: The stock just highlights the rally in shares and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.