The stock market started trading flat to negative on Monday and pressure was seen at higher levels in the market. 24800 has proved to be a strong resistance for Nifty.
However, at the lower level, the zone between 24600 and 24500 in Nifty can be a buy on dips.
Meanwhile, there is also a discussion of some penny stocks in the market. Heavy volume is being seen in penny stock GG Engineering Ltd, priced below Rs 2 on 9 December 2024. This stock rose 9 percent to reach the level of Rs 1.94.
During this, more than one crore shares were traded in it during the morning session. The volume of this stock may increase further as the day progresses.
Share of GG Engineering Limited rose 9 percent to Rs 1.94, while the previous closing price was Rs 1.78. It has a 52-week high at Rs 2.97 and the 52-week low is Rs 1.56.
The company’s shares were trading well above its 50-day moving average (DMA) of 1.90 and close to its 200-DMA of 1.96.
GG Engineering Limited (GGEL) is an Indian company that produces engineering equipment, infrastructure, and steel for structural use. Established in 2006, GGEL is based in India.
GGEL’s equipment is used in various industries, such as construction infrastructure, modern structures, mega projects, and commercial and residential projects.
According to the quarterly results of GG Engineering, net sales grew 44.3 percent to Rs 105.71 crore in Q2FY25 as compared to Q2FY24 and net profit grew 1,414.5 percent to Rs 11.42 crore.
Net sales grew 90.3 percent to Rs 175.44 crore in H1FY25 as compared to H1FY24 and net profit grew 746 percent to Rs 9.24 crore.
For its annual report, net sales grew by 113 % to 212.11 crore during FY24, in comparison to Rs 99.57 crore in FY23. The company posted a net loss of Rs 7.10 crore in FY24, in comparison to Rs 7.93 crore in FY23.
The company has a market value of more than 300 crore. It has also recorded an impressive profit growth at 19% CAGR over the past five years.
At the time of June 2024, the promoters of this company have a 1.71 percent stake, while the public owns a 98.29 % stake.
The PE ratio of GG Engineering remains 20 which can be considered good. Its book value remains Rs 1.46, which is very good compared to its current price of Rs 1.92. This means that the company has assets.
Quick Fact
| Company name | GG Engineering |
|---|---|
| Stock Price | ₹1.94 |
| Price Change | +9% |
| Previous Close | ₹1.78 |
| 52-Week High | ₹2.97 |
| 52-Week Low | ₹1.56 |
| Volume | >1 Crore shares traded |
| Sector | Engineering, Infrastructure |
| Products | Engineering products, Infrastructure, Structural Steel |
| Industries Served | Construction, Infrastructure, Mega Projects, Modern Buildings, High Rise Projects |
| Market Cap | ₹300 Crore+ |
| PE Ratio | 20 |
| Book Value | ₹1.46 |
| Promoter Stake | 1.71% |
| Public Stake | 98.29% |
| Sales Growth | 44.3% (Q2FY25 YoY) |
| Profit Growth | 1,414.5% (Q2FY25 YoY) |
| Sales (H1FY25) | ₹175.44 Crore (90.3% YoY growth) |
| Profit (H1FY25) | ₹9.24 Crore (746% YoY growth) |
| Sales (FY24) | ₹212.11 Crore (113% YoY growth) |
| Profit (FY24) | ₹7.10 Crore (decrease from ₹7.93 Crore in FY23) |
| 5-Year CAGR Growth | 19% |
| Possible Target Price | ₹2.50 |
| Time | Short Term |
Disclaimer: The website and its content are for informational purposes only and should not be considered investment advice.
