Ddev Plastiks shares continue to soar; climb 11% to reach a new 52-week high!

Indian benchmark indices recovered from the session’s early losses and managed to move higher thanks to sizeable gains in the information technology, utilities, real estate and auto sectors. BSE Telecommunication and BSE Metals, on the other hand, were the hardest hit sectors of the session, down around 1% each. 

While the BSE Smallcap index outperformed the main indices by a wide margin, shares of Ddev Plastiks Industries Ltd continued their robust uptrend, attracting investors. Shares have seen significant buying interest and have set new 52-week highs in recent trading sessions. 

On an intraday basis on Wednesday, shares of Ddev Plastiks Industries Ltd climbed more than 11%, reaching a new 52-week high of Rs 239.90 per share on the BSE. Shares of the company have skyrocketed more than 430% in the past year while providing stellar returns of over 20% in just one month! One of the primary forces driving the rally was the company’s remarkable top-line and bottom-line growth. 

Considering the company’s quarterly performance, on a standalone basis, it reported strong growth of 18.8% from Rs 537.13 crore registered in Q1FY23, recording total revenue of Rs 638.10 crore in Q1FY24. It has reported operating profit growth of 95%. Compared to the same quarter last year, the net profit for the first quarter of FY24 soared 164.04%, from Rs 14.32 crore to Rs 37.81 crore. 

The Group was founded in 1977 with a speciality as a quality polymer compounder in India. The annual capacity is roughly 3,00,000 tons, and the company is the global leader in PE compounds for the low and medium-power cable industries. The company offers a wide range of products for the wire and cable industry, including building wires, control and instrumentation cables, insulation and jacketing of wires.   

Keep a close eye on this scrip for the upcoming sessions!     

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.