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Skipper jumps 22% in two days as promoter entity Ventex ups stake to 5.02%

The rally comes after Skipper promoter group entity Ventex Trade Private Ltd raised its stake in the company from 4.86 per cent to 5.02 per cent over March 19-20

Stock gains, Indian market

SI Reporter New Delhi

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Shares of smallcap company Skipper extended previous sessions's rally to Friday as it soared 12.7 per cent to Rs 292 on the BSE. With this, the stock has jumped nearly 22 per cent since Wednesday's close. 

The rally comes after Skipper promoter group entity Ventex Trade Private Ltd raised its stake in the company from 4.86 per cent to 5.02 per cent over March 19-20. 

Ventext Trade bought 114,000 shares of Skipper on March 19, taking its stake up to 4.96 per cent. This was followed by additionaly buying of 66,000 shares on March 20, raising the stake further to 5.02 per cent, showed data on BSE. The cumulative value of the bought shares was Rs 2.52 crore. 

Overall, promoter holding in the company stood at 66.26 per cent, as of Feb 19, 2024. 

The stock had hit a 52-week high of Rs 400 on February 26 this year and has declined 27 per cent from there since then (vs today's high). 

On February 25, Skipper won a Rs 737 crore order from Power Grid Corp to design, supply and construct a 765 kV transmission line project. 

The management at the time said that steady stream of orders from Power Grid notably strengthened Skipper's order book in the transmission and distribution (T&D) domain. This aided the company's year-to-date order intake of over Rs 3,900 crore, it said. 

Skipper deals across three business verticals led by its power transmission and distribution business consisting of power transmission towers, power distribution poles and telecom towers, among others. It derived 72 per cent of its revenue April-Dec 2023 from this segment (engineering category).  

It also has a growing brand in polymer pipes (PVC products) which includes UPVC pipes, CPVC pipes and HDPE pipes. The smallest part of the business is infrastructure projects, which includes transmission line EPC, telecom EPC, railway electrification and water EPC. 

In Q3FY24, its reported a robust 80 per cent yearly revenue growth to Rs 801.58 crore. Its net profit saw an yearly jump of 115 per cent to Rs 20.47 crore. 

During the current quarter, the company successfully concluded its rights issue of 1.03 crore partly paid up equity shares at Rs 194 apiece raising nearly Rs 200 crore. 

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First Published: Mar 22 2024 | 12:57 PM IST

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