Shares of Ashoka Metcast surged by 20 percent on October 11, reaching the upper circuit, following the announcement of an impressive 894.29 percent year-on-year (YoY) jump in net profit to ₹3.48 crore for the quarter ended September 2024. The company also saw a significant increase in sales, growing 142.47 percent YoY to ₹14.33 crore.
In addition to the strong financial performance, the company appointed Leena Ashok Shah as Managing Director (MD) for a five-year term, pending shareholder approval. Payal Shalin Shah was also named as an Additional Non-Executive Director, effective October 10, 2024.
Metacast – Ashoka shares closed at 20 percent upper circuit in the morning session trading on the National Stock Exchange at ₹26.71. It jumped 20 percent to 26.71 during the session, and down nearly 18 percent this calendar year when Nifty has gained about 14 percent.
Ashoka Metcast has returned about 39 percent in the last one year against Nifty’s 26 percent gain. Ashoka Metcast is part of a Gujarat-based diversified group that is engaged in trading and manufacture of a wide range of structural steel products like TMT bars, Angles, Channels, and MS Bars.
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Source: Moneycontrol
News Desk
