Hind Rectifiers hits 5% upper circuit on order from Indian Railways

Hind Rectifiers share price locked in 5 per cent upper circuit at Rs 856.65 per share on the BSE in Monday’s intraday deals. The stock price of the company jumped after it received a work order from Indian Railways worth more than Rs 200 crore on Saturday. 

Without specifying details the company in an exchange filing said that the supply order will be executed by the financial year 2025-26. 

Hind Rectifiers, also known as Hirect, is a leading manufacturer of rectifier equipment and semiconductor devices. The company produces a wide range of products for railway applications, including AC electric locomotives and AC electrical multiple units. Incorporated in April 1958, Hirect specialises in the development, design, manufacturing, and marketing of power semiconductors, power electronic equipment, and railway transportation equipment.

The company reported a net profit increase of 264.74 per cent, reaching Rs 6.93 crore for the quarter ended June 2024, up from Rs 1.90 crore in the same quarter last year. Sales rose 38.89 per cent to Rs 135.53 crore, compared to Rs 97.58 crore during the previous year’s quarter.

The company had provided a dividend of R. 1.20 per equity share, approved by the members of the company at the 66th annual general meeting held on Thursday, August 1, 2024, has been credited to August 6, 2024. 

Tha market capitalisation of Hind Rectifiers is Rs 1,468.11 crore, according to Bombay Stock Exchange (BSE).

Its shares are trading at a price to earnings multiple of 79.71 times with an earning per share of Rs 10.84. The 52-week high of Hind Rectifiers share is Rs 1,010.85 while its 52-week low is Rs 333.60 apiece. 

The share price of the company has appreciated 63.23 per cent year to date, while 141 per cent in the last one year.

At 10:24 AM, Hind Rectifiers shares were locked in the 5 per cent upper circuit at Rs  0.77 at Rs 856.65. In comparison, the BSE Sensex was trading 0.28 per cent higher at 84,778 levels.