Umiya Tubes Limited Shares Surge After New Announcement
Shares of Umiya Tubes Ltd, a manufacturer of stainless steel pipes and tubes, soared by 2% during Friday’s trading session, reaching a new 52-week high of ₹13.23 on the BSE. This rise follows the company’s announcement of its strategic entry into the renewable energy sector.
On October 3, the board approved amendments to the company’s Memorandum of Association, enabling a focus on renewable energy, particularly solar initiatives. This pivotal change aims to enhance stakeholder value, with plans to raise an initial equity contribution of ₹100 crore through a preferential allotment of equity shares.
Financial and Stock Performance Overview
Despite a marginal revenue decline of 2.7%, Umiya Tubes has attracted investor interest, with stock returns of 120.5% over the past year and 105% year-to-date in 2024. The company’s net loss widened from ₹1.05 crore in Q1 FY24 to ₹1.6 crore in Q1 FY25.
About Umiya Tubes
Founded in FY14, Umiya Tubes is based in Talod, Gujarat, with a production capacity of 3,600 MTPA. The company has faced financial challenges, leading to the sale of its manufacturing unit to settle debts. Currently, it aims to develop a strategy for future growth in its business activities.
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Summary at glance
Umiya Tubes Limited’s shares soared by 2% to a 52-week high of ₹13.23 after the company announced its foray into the renewable energy sector, focusing on solar energy. The board approved amendments to its Memorandum of Association on October 3, allowing this new direction, and plans to raise ₹100 crore through equity contributions. Despite a revenue decline and widened net loss, the stock has delivered substantial returns of over 120% in the last year.
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