Avantel Ltd new milestone: Shares hit fresh 52-week high following order announcement!

Shares of Avantel jumped after the company signed a contract with the Coast Guard. In the last trading session, the scrip was closed at Rs 598.35, today it opened at Rs 629.40 and currently trading at Rs 647.90, up by 8.28%. So far 1,20,537 shares were traded over the counter. Today shares of the company hit a fresh 52-week high at Rs 659.70 and it has a 52-week low of Rs 236.90. The company has given more than 110% return over the past one year.

The company informed to exchange that, it has signed a contract worth of Rs 54.38 crore dated June 9, 2023, with the Ministry of Defence, Coast Guard headquarters, New Delhi. The deadline for the job has been set for September 2024. It has to make SATCOM Terminals and Hub Stations for Coast Guard.

Avantel Ltd has announced that a crucial meeting of the Board of Directors is scheduled for Friday, June 23, 2023. The primary agenda of the meeting is to deliberate and sanction the proposal for the sub-division/split of the company’s Equity shares. Currently, the shares have a face value of Rs 10 each, fully paid up. The exact manner of the sub-division/split will be determined by the Board of Directors, subject to the necessary approvals from shareholders and relevant authorities.

The company in the quarter that ended March 2023 reported a 59% jump in net profit at Rs 9.69 crore as against Rs 6.08 crore. The company’s revenue was up 12.4% at Rs 52.53 crore as against Rs 46.71 crore, YoY.

The company has declared a final dividend of 10% or Rs 1 per share. The company has duly confirmed Friday, June 16, 2023, as the designated record date for this dividend.

Avantel Limited is engaged in the business of designing, developing and maintaining wireless and satellite communication products, defence electronics, radar systems and development of network management software applications for its customers majorly from the aerospace and defence sectors.