Shares of Ashoka Metcast Limited surged and hit an upper circuit limit of 20% on October 11, after the company reported a remarkable 894.29% increase in net profit to Rs 3.48 crore for the quarter ended September 2024.

Ashoka Metcast is part of a Gujarat-based diversified business group promoted by Shalin Ashok Shah and his family.

The company’s sales also grew strongly, increasing by 142.47% to Rs 14.33 crore. Additionally, the company announced the appointment of Leena Ashok Shah as the managing director (MD) for a continuous period of 5 years, subject to members’ approval at the General meeting.

Ashoka Metcast also appointed Payal Shalin Shah as an Additional Non-Executive Director of the company, effective October 10, 2024.

Over the past year, the company’s stock has risen approximately 39%, outperforming Nifty’s gain of 26% during the same period.

Ashoka Metcast is part of a Gujarat-based diversified business group promoted by Shalin Ashok Shah and his family. The company trades and manufactures structural steel products such as TMT bars, angles, channels, and MS Bars. 

Its steel products include round and flat bars used in various construction applications such as building homes, high rises, bridges, and other civil engineering structures. Angle bars support corners and outer rims on walls and surfaces, while MS Bars are used for reinforced cement concrete works.

However, at 12:06 pm, Ashoka Metcast shares were trading 17.79% higher at Rs 26.29 on the BSE.

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