BAJAJ BROKING
Promoters of Netweb Technologies plan to sell 20.54 lakh shares, raising ₹447.9 crore. The floor price has been established at ₹2,180/share, which represents a 3.4% discount on the CMP. Recently, the company has posted a threefold increase in Q1 net profit to ₹15.4 crore.
Promoters of Netweb Technologies India Ltd, including Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha, are set to sell 20.54 lakh shares of the company through block deals. As a result, Netweb Technologies shares will remain in focus.
The floor price for these block deals has been established at ₹2,180 per share, which represents a 3.4% discount on the current market price (CMP). The total value of the shares on offer is estimated at $53.5 million, equivalent to up to ₹447.9 crore.
Netweb Technologies, an IT hardware company, reported remarkable financial performance for the first quarter of the 2024-25 fiscal year. The company achieved a net profit of ₹15.4 crore, a significant increase from the ₹5 crore posted in the same period the previous year.
Total income surged to ₹153.21 crore, up from ₹60.2 crore in the corresponding quarter of June 2023.
Netweb Technologies' share price closed at ₹2,262.30 on Thursday, down by ₹46.25 or 2.00%. Over the past year, the company's stock has delivered an impressive return of 164.09%, with year-to-date gains amounting to 91.23%.
The block deal, priced at a slight discount to the current market price, signifies a significant transaction valued at approximately ₹447.9 crore. The company's robust Q1 results, driven by substantial growth in AI systems revenue, underscore its solid position in the IT hardware sector.
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