11 Oct , 2024 By : Debdeep Gupta
Shares of Ashoka Metcast surged on October 11 to hit the 20 percent upper circuit after the company reported a significant rise in net profit, surging 894.29 percent on-year to Rs 3.48 crore in the quarter ended September 2024.
The company's sales also saw robust growth, increasing 142.47 percent YoY to Rs 14.33 crore. It also informed that it has appointed Leena Ashok Shah as the managing director (MD) to hold the office for a continuous period of 5 years, subject to the approval of members at the General meeting.
Ashoka Metcast also appointed Payal Shalin Shah as an Additional Non-Executive Director of the company effective October 10, 2024.
At 10:02 am, Ashoka Metcast stock was locked at 20 percent upper circuit trading at Rs 26.71 on the National Stock Exchange (NSE) in the previous session. The stock has fallen around 18 percent so far this year, underperforming Nifty's returns of 14 percent.
In the last year, the counter has risen around 39 percent compared to Nifty's gain of 26 percent during this period.
Ashoka Metcast is part of a Gujarat-based diversified business group currently promoted by Shalin Ashok Shah and Family. The company is currently engaged in trading and manufacturing structural steel products like TMT bars, angles, channels, MS Bars, etc.
Its steel products include a round bar, flat bar, and others. TMT bars are used for building homes, multistoried high rises, bridges, flyovers, and other civil engineering structures. Angle bars are steel bars that are used as support for corners and outer rims that are used for various walls and surfaces.
Meanwhile, MS Bars are used for tensile stress of Reinforced cement concrete (RCC) slab beams and others in reinforced cement concrete work.
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