Shares of MPS Ltd lock at 20% upper circuit in a weak market; here’s why!

The Indian headline indices suffered a bloodbath in today’s trading session, plunging around 1% as a result of weak global cues. While all sectoral indices were trading down, the metals, power and utilities sectors suffered the most. Broader indices underperformed the main indices. 

Shares of MPS Ltd, the top BSE Smallcap gainer, were locked at 20% upper circuit in an otherwise weak market.  On an intraday basis on Wednesday, shares of MPS Ltd traded with a 14-fold surge in volume, reaching a 52-week high of Rs 1,399.85 per share on the BSE. There was a significant increase in buying interest as the company announced excellent quarter results. 

Considering the company’s quarterly performance, on a consolidated basis, it reported a healthy growth of 15.38% from Rs 114.85 crore registered in Q1FY23, recording total revenue of Rs 132.51 crore in Q1FY24. It has reported operating profit growth of 37.52%. When compared to the same quarter last year, the net profit for the first quarter of FY24 soared 46.8%, from Rs 20.64 crore to Rs 30.30 crore. Additionally, the earning per share (EPS) was Rs 17.8 per share for the period, a 48% growth from Q1FY23. 

The business highlighted that its five-pronged strategy known as “Going Gestalt” remained one of the main forces behind this strong growth in Q1FY24. It also added that it has unlocked a new growth trajectory due to the combined effect of lower attention spans, rapid growth in digital consumption, and the recent advances in AI. Shares of the company have skyrocketed more than 100% over the last year while providing stellar returns of nearly 30% in just one month!   

MPS Ltd is a premium B2B learning and platform solutions company that powers the education, research, and corporate markets in their quest to engage with their learners more meaningfully. 

Keep a close eye on this stock 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.