Business News

Shares of Jyoti Structures surged 10% to a day's high of Rs 29.3 in Tuesday’s trade on the BSE after ace investor Ashish Kacholia acquired a 2.52% stake in the small-cap firm.Meanwhile, by 10:13 am, the stock was trading 7.7% higher at Rs 28.8. Jyoti Structures' shares have also risen by 91% over the past year and gained 55% year-to-date.According to the data available on BSE, Ashish Kacholia holds nearly 2.2 crore shares in the company.For the quarter ended June 2024, the promoters and the promoter group do not hold any stake in the company and the entire 100% stake is held by the public shareholders like foreign portfolio investors (FPIs), alternate investment funds (AIF), insurance companies etc.In August, Jyoti Structures secured an order worth Rs 106 crore for the supply of towers for a 765 kV transmission line from a leading private developer. In July, the company won a nearly Rs 118 crore contract from Adani Energy Solutions Ltd for the construction and part supply of the 765 kV D/C KPS III-AP44 transmission line.As of today, Jyoti Structures' market capitalization stands at Rs 2,540 crore.On charts, the stock is placed above its 100 and 200-day exponential moving averages (DEMA), according to the Trendlyne data. On RSI, the stock closed near the 48 mark, which is a mid-range on the indicator.For the quarter ended June 30 2024, The company reported consolidated net sales of Rs 88 crore, down 31.25% from the March quarter's net sales of Rs 128 crore. The company reported a net profit of Rs 5 crore for the June quarter.Jyoti Structures is one of India’s leading providers of turnkey solutions in the field of power transmission. The company focuses on the areas of transmission lines, substations and distribution projects.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)