Shares of this company hit 52-week high despite weak market sentiments

Shares of Cellecor Gadgets Limited jumped as much as around 8 per cent on Thursday to hit a 52-week high. The scrip went up to Rs 201.95. Last seen, the share was trading at Rs 199, up by 6.33 per cent. The share is performing well in an overall weak market.

The jump in share price comes a day after the company announced its earnings for the period ended on September 30, 2023. Cellecor announced results on Wednesday. According to the exchange filing, the company has reported a more than 108 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 7.02 crore in the first half ended September 2023. 

The total income of the company for the period under review increased nearly 90 per cent from Rs 113.54 crore to Rs 209.72 crore.

Its revenue from operations jumped 85 per cent on YoY comparison to Rs 209.65 crore in the first half of the ongoing financial year. Its operational income stood at Rs 113.53 in the same period a year ago. Its revenue from operations came in at Rs 150.82 crore for the six months ended March 31, 2023.

Based out of New Delhi, Cellecor Gadgets is a consumer electronics brand. The company is offering its equity shares in the price range of Rs 87-92 apiece. The issue comprises the sale of 55.18 lakh fresh equity shares.

Earlier, In an interview with ZEE Business, Ravi Agarwal, founder and CEO, had said that Cellecor manufactures electronic products including mobile phones, mobile accessories, smart gadgets, wearables, home appliances and more. 

Shares of Cellecor Gadgets were listed at the SME platform of NSE in September 2023 as the SME player raised Rs 50.77 crore via IPO route by selling its shares for Rs 92 apiece. The stock has surged about 120 per cent from its issue price so far.