Action Construction Equipment shares gain 3% on order from defence ministry
Source: Business Standard
Action Construction Equipment share price gained up to 3.44 per cent at Rs 1278.15 per share on the BSE in Tuesday’s intraday deals. The construction vehicles share price zoomed after the company got an order from the Ministry of Defence to supply forklifts.
“We wish to inform you that in our endeavour to expand business in the defence sector Action Construction Equipment has been awarded with a prestigious order from the Ministry of Defence (MoD) for the supply of 99 forklifts,” the company said in an exchange filing on Monday. Though the company did not disclose the order amount for this deal win.
Based out of Haryana, Action Construction Equipment specialises in manufacturing and marketing a range of equipment, including hydraulic mobile cranes, mobile tower cranes, crawler cranes, truck-mounted cranes, material handling equipment such as forklifts, road construction machinery like backhoe loaders, compactors, and motor graders, as well as agricultural equipment including tractors, harvesters, and rotavators.
For the April-June quarter of financial year 2024-25 (Q1FY25), the company reported a 14.07 per cent increase in revenue year-on-year, reaching Rs 761.81 crore. However, on a quarterly basis, revenue fell by 11.08 per cent compared to the previous three months.
Net profit also saw a rise of 24.62 per cent from the same period last year, totaling Rs 84.18 crore in June quarter of FY25. Though, the net profit declined by 14.49 per cent on a quarterly basis.
The company has a total market capitalisation of Rs 14,837.77 crore. Its shares are trading at a price to earnings multiple of 42.76 times with an earning per share of Rs 28.89.
The share price of the company has appreciated 47.46 per cent year to date against a rise of 13.2 per cent in the benchmark BSE Sensex during this period.
At 12:08 AM; the share price of the company was trading 0.84 per cent higher at Rs 1,246 a piece. By comparison, the BSE Sensex was trading 0.38 per cent lower at 81,865 levels.
First Published: Sep 10 2024 | 12:18 PM IST
