Rs 26 to Rs 616: This low-debt stock turned into multibagger in 3 years; hit record high today

Multibagger stock: Dynamic Cables stock climbed 5.85% to a fresh high of Rs 616 on BSE today. Dynamic Cables shares have gained 27% this year and risen 215% in a year.

Dynamic Cables shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Shares of Dynamic Cables hit their record high today after the cables and wire maker reported its Q4 and FY24 earnings. The multibagger stock climbed 5.85% to a fresh high of Rs 616 on BSE today. Dynamic Cables shares have gained 27% this year and risen 215% in a year. The Dynamic Cables stock, which closed at Rs 26.1 on May 14, 2021 rose to a high of Rs 616 on BSE in the current session, translating into a gain of 2,260 per cent during the period. A total of 0.61 lakh shares of the firm changed hands, amounting to a turnover of Rs 3.64 crore on BSE today. The market cap of the company stood at Rs 1331.63 crore on BSE. The stock fell to a 52-week low of Rs 188 on May 19, 2023.   

In terms of technicals, the relative strength index (RSI) of Dynamic Cables stands at 82.2, signaling it’s strongly overbought on charts. Dynamic Cables stock has a one-year beta of 0.9, indicating low volatility during the period. The stock stands higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Dynamic Cables reported a revenue of Rs 240.9 crore in the March 2024 quarter against a revenue of Rs 178.46 crore in the corresponding quarter a year ago. It logged a revenue of Rs 192.31 crore in the December quarter.  The company had a debt to equity ratio of 0.6 at the end of FY24, signaling it had low debt in the last fiscal. A debt to equity ratio of less than two is considered healthy for a company.

The company had a robust order book of Rs 521 crore in FY24 against Rs 331 crore in FY23, it said. 

The board of the firm recommended a final dividend of Rs. 0.50 per equity share i.e. 5% per equity share of Rs. 10 each for the financial year ended March 31, 2024 subject to approval of shareholders at the ensuing AGM of the company.

Net profit in the fourth quarter of the last fiscal rose 38% to Rs 13.77 crore against Rs 9.98 crore in the corresponding quarter a year ago.  

For FY24, net profit climbed 22% to Rs 37.8 crore against Rs 31.01 crore profit in FY23. Revenue from operations surged 15% to Rs 768 crore in the last fiscal against Rs 668.63 crore for the fiscal ended March 2023. The company logged a CAGR of 56.8% in net profit in three years and CAGR of 12.3% in net profit for five years.

Dynamic Cables is engaged in the business of manufacturing of conductors and cables which are widely include manufacturing of LV, MV and HV power cables, aerial bunched cables, all aluminium conductors, all aluminium alloy conductor, railway signaling cables etc. 

Disclaimer: rojgarlive Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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