Share prices of this small cap stock gained 7.5% as the company proceeds to enter a Joint Venture Agreement with a USA based company. The stock saw a heavy volume in the market today.
Share prices of Optiemus Infracom Limited closed at Rs. 361 levels after it traded 7.5% higher to reach its intra- day high of Rs. 372.15 per share. In the last one month, the stock has grown by 65.74%. It has given a return of 669.78% in the last three years.
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On 1 September 2023, the Board approved a joint venture agreement with Corning International Corporation. Corning is incorporated in Delaware, United States of America.
This joint venture will mainly undertake the business of manufacturing the finished parts for use in Mobile Consumer Electronics devices and selling the same to mobile consumer electronics manufacturers.
The results for Q1FY24 are mostly in red. During the quarter, the company recorded a reduction in both its revenue and net profit. Revenue of Rs. 340.5 crore in Q4FY24 decreased 17% to Rs. 281.58 crore in Q1FY24. Its net profit for Q4FY23 was Rs. 17.22 crore which fell by 45.4% to Rs. 9.39 crore in Q1FY24. It maintains a low debt to equity ratio of 0.13.
Optiemus Infracom Limited is a telecom enterprise established back in 1993. For 25 years, the company has made quite a name for itself. The company’s operations include distribution and marketing of mobile and telecom products. Optiemus is one of the leading companies in its sector in the Indian subcontinent.
Written by Bhumika Khandelwal
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