Penny stock: Shares of GG Engineering Ltd remained in focus during trading today on Thursday. The company’s shares hit an upper circuit of 20% today. The company’s shares reached an intraday high of ₹1.90. Its previous closing price was Rs 1.59. The reason behind this rise in shares are the excellent results of the September quarter. In fact, shares of GG Engineering hit 20% upper circuit at ₹1.90 in morning trade today, October 24, following the company’s positive financial results for the September quarter.
September quarter results
GG Engineering has made a profit of ₹11 crore in the September quarter of the current financial year. This is a tremendous improvement compared to the net profit of ₹1 crore in the same period last year and the net loss of ₹2 crore in the last June quarter. Net profit exceeds combined net profit of ₹7 crore for FY24. The company’s revenue grew to ₹106 crore in Q2FY25, a 45.2% year-on-year improvement from ₹73 crore in Q2 FY24 and over ₹70 crore in the first quarter of the current fiscal. EBITDA reached ₹13 crore, compared to only ₹1 crore in the same period last year.
Also read: Investors started selling this share as soon as it was listed, the price reached ₹ 128.
Status of company’s shares
The company’s shares are in recovery mode from April 2023. During this period it increased from ₹ 0.76 per share to the current level of ₹ 1.90. That means there has been an increase of 150%. The stock had seen an 84% rise in November 2023 alone. Despite this recovery, the stock is still trading about 80% below its all-time high of ₹9.33 per share, which was reached in July 2021. Let us tell you that the company supplies spare parts for industrial engines, marine engines and diesel generator sets for various applications in both local and international markets.
