Avantel hits 52-week high on Rs 54.38-crore Coast Guard contract

The contract will be executed by September 2024.

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Shares of Avantel jumped over 6 percent in early trade on June 12 after the company signed a Rs 54.38-crore contract with the Coast Guard Headquarters at New Delhi. Deadline for the job has been set for September 2024.

A meeting of the board of directors of the company has been convened on June 23 to consider and approve the proposal for sub-division/split of the equity shares of the company having a face value of Rs 10 each fully paid-up.

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The company in the quarter ended March 2023 reported a 59 percent jump in net profit at Rs 9.69 crore as against Rs 6.08 crore.

The company’s revenue was up 12.4 percent at Rs 52.53 crore as against Rs 46.71 crore, YoY.

At 9:23am, Avantel was quoting at Rs 639.00, up Rs 40.65, or 6.79 percent and touched a 52-week high of Rs 639.