Hardwyn shares hit upper circuit after Q1 results;

On Wednesday, shares of Hardwyn India reached an all-time high of 5% to Rs 40.99, commanding a market valuation of more than Rs 1,430 crore.

The firm is known for manufacturing stainless steel products for residential and commercial infrastructure projects. — *Earlier this year, Hadwyn India announced the partition of equity shares into 1:10 ratios with the issuance of bonus shares into a 3:1 ratio.*

INTRODUCTION

As the firm released its financial results for the three months that ended on June 30, 2023, shares of Hardwyn India bounced back from the prior losses and reached an upper circuit of 5% during the trading session on Wednesday.

In the same time a year prior, the company reported a net profit of around Rs 0.87 crore. Operating income totaled Rs 1.59 crore for the period.

According to the company’s exchange report, net sales increased 6.85 percent during the quarter to Rs 27.3 crore from Rs 25.60 during the same period the prior financial year.

The stock has increased by almost 200 percent from its 52-week lows and has gained approximately 7,000 percent over the past three years.

In June of this year, shares of Hardwyn India began trading ex-split and ex-bonus. Hadwyn India announced the 1:10:3 subdivision of equity shares with the issuance of bonus shares.

Additionally, Hardwyn India had stated that in June 2023, the company would merge with its subsidiary, FIBA Hardwyn Locks. The planned merger will improve the businesses’ ability to concentrate, plan, and grow in order to maintain and boost their competitive power.