NIBE Ltd Share Price – BSE

Aerospace & Defence, Small Cap

Hemant Wani has tendered his resignation due to other professional commitments on account of internal re-organization of duties within the group.

The company’s nomination and remuneration committee, has appointed Ravi Kumar Pareek as a chief financial officer (CFO) of the company with effect from 22 April 2024.

Ravi Kumar is a qualified Chartered Accountant with Bachelor of Commerce degree having a post qualification of experience of more than 12 years.

He has skills, expertise and experience in strategic financial planning, budgeting, forecasting, GAAP, IFRS/IND, cash flow optimization, debt management, stakeholder communication, mergers and acquisitions, risk management, and capital allocation with a proven track record in diverse industries including tyre manufacturing, metals & mining, pharmaceutical, wires & cable manufacturing.

NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.

The company reported a consolidated net profit of Rs 4.38 crore in Q3 FY24, steeply higher from Rs 0.73 crore in Q3 FY23. Revenue from operations stood at Rs 62.69 crore in Q3 FY24, a steep increase from Rs 15.18 crore in Q3 FY23.

The scrip fell 4.60% to end at Rs 1,604.50 on Monday, 22 April 2024.

Powered by Capital Market - Live News

The key equity indices traded with major losses in mid-afternoon trade. The Nifty trade at 22,550 mark. Media shares slipped after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was dropped 704.69 points or 0.94% to 74,334.27. The Nifty 50 index fell 203.15 points or 0.89% to 22,550.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.18% and the S&P BSE Small-Cap index fell 0.25%.

The market breadth was weak. On the BSE, 1,456 shares rose and 2,342 shares fell. A total of 110 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Buzzing Index:

The Nifty media index slipped 1.04% to 1,891.40. The index advanced 1.80% in the past trading sessions.

Saregama India (down 2.01%), Zee Entertainment Enterprises (down 1.96%), Sun TV Network (down 1.66%), Dish TV India (down 1.61%), TV18 Broadcast (down 0.94%) and Hathway Cable & Datacom (down 0.69%) declined.

On the other hand, Nazara Technologies (up 1.29%), Tips Industries (up 1.03%) and Network 18 Media & Investments (up 0.84%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.84% to 7.176 as compared with previous close 7.116.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3950, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 1.57% to Rs 72,772.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.36% to 105.66.

The United States 10-year bond yield fell 0.81% to 4.541.

In the commodities market, Brent crude for June 2024 settlement added 62 cents or 0.69% to $ 90.36 a barrel.

Stocks in Spotlight:

Nibe was locked in an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 6.12% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Uno Minda rose 0.37%. The firm bagged an allotment of 94.32 acres strategic land parcel at IMT Kharkhoda, Haryana HSIIDC, to fuel its ongoing and future expansions.

Powered by Capital Market - Live News

NIBE announced that Karmayogi Manufacturing, a subsidiary of the company has received Purchase Order from Ordefence Systems for assemblies, sub-assemblies and supply of 12 kits of small arms for a total consideration of Rs. 307.76 crore.

Powered by Capital Market - Live News

The scope of the purchase order includes supply of assemblies, sub-assemblies and supply of 12 kits of small arms (12 sub-assemblies), total lot of 1,25,000.

The project is to be executed on or before 31 March 2027 and cost of the project is Rs 307.76 crore.

NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.

The company reported a consolidated net profit of Rs 4.38 crore in Q3 FY24, steeply higher from Rs 0.73 crore in Q3 FY23. Revenue from operations stood at Rs 62.69 crore in Q3 FY24, a steep increase from Rs 15.18 crore in Q3 FY23.

Powered by Capital Market - Live News