 "indian railways, IRCTC, Cancellation")
Shares of Responsive Industries hit a fresh record high of Rs 307 as they surged 20 per cent on the BSE in Thursday's intra-day trade after the company bagged contract from the Indian Railways for the 'Garib Rath' initiative.
While the value of the contract was not disclosed, Responsive Industries said bagging two of the nation's most prestigious rail projects -- Garid Rath and Vande Bharat -- underscores the company's unparalleled expertise and commitment to quality.
"Each association resonates with the company's vision of marrying innovation with the broader ambitions of India's Rail connectivity," it said in an exchange filing on Wednesday.
At 1:30 PM, the shares were ruling about 18 per cent higher at Rs 301 as against 0.13 per cent gain in the benchmark S&P BSE Sensex at 65,965.74 levels. A combined 4.1 million shares have thus far changed hands on the NSE and BSE.
Over the past three months, shares of the company, engaged in manufacturing of specialised vinyl flooring, SPC, LVT, synthetic leather, and waterproofing membranes, have surged nearly 50 per cent as against 4.3 per cent gain in the benchmark Sensex index. Thus far in this calendar year, the stock has sprinted 118 per cent as against 8 per cent gain in the benchmark.
India is currently witnessing an unprecedented phase of urbanization, with a significant number of people moving from rural to urban areas. Furthermore, the rapid economic growth has resulted in a considerable rise in disposable income, particularly among the middle-class population, which led to an increased demand for improved living standards and housing facilities.
That apart, the significant growth in the construction industry is resulting in a heightened demand for durable, stylish, and cost-effective flooring solutions, such as vinyl flooring. The vinyl flooring market in India is expected to exhibit a CAGR of 6.7 per cent during 2023-2028. The rising development of modern housing facilities, along with the introduction of vinyl flooring with high aesthetic value and sharper textures, is currently driving the India vinyl flooring market.
With the company's increased capacity utilisation, strong product development, market efforts, the management is optimistic about its growth in the coming years.
In the April-June quarter (Q1-FY24), Responsive Industries reported a net profit of Rs 5.91 crore, up from Rs 1.79 crore in the previous year quarter (Q1-FY23) and Rs 2.72 crore in the last quarter of the previous fiscal (Q4-FY23).
It's revenue from operations jumped to Rs 166.77 crore from Rs 153.57 crore YoY and Rs 141.16 crore QoQ.
