In a stunning morning rally on October 16, Prakash Pipes stock surged by a remarkable 20 percent, reaching an impressive new 52-week high of Rs 405.10. This surge was triggered by ace investor Dolly Khanna, who raised her stake in the company from 2.78 percent to 3.24 percent during the June quarter.
The most recent shareholding data indicates that Khanna now possesses 7.74 lakh shares, having acquired 1.08,628 lakh shares, equivalent to a 0.46 percent stake in the company engaged in PVC pipes and fittings, as well as flexible packaging business.
12:10 PM, the stock continued its upward trajectory, trading at Rs 405.10 on the National Stock Exchange, indicating a nearly 20 percent surge from the previous close.
Prakash Pipes has exhibited extraordinary growth, with a staggering 138 percent increase in 2023. Over the past six months, the company has provided investors with an impressive return of 158 percent. Remarkably, the stock has witnessed a remarkable surge of over 300 percent in the last five years.
Despite a YoY decline in net sales, reported at Rs 175.56 crore for the quarter ended June 2023, reflecting an 8.55 percent drop from the previous year, investors remained undeterred. The company’s net profit experienced a 26 percent decrease, settling at Rs 18.47 crore.
Furthermore, Prakash Pipes’ EBITDA saw a significant decline, dropping to Rs 24.37 crore in June 2023, marking a 38.19 percent decrease YoY. Earnings per share (EPS) also took a hit, decreasing from Rs 10.44 in June 2022 to Rs 7.72 in June 2023.
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