Penny Stock Under 20, Price at Breakout Level, Q3 Net Profit Jumps Over 100% – Is It a Buy?

Tirupati Forge, a small-cap stock trading under ₹20, has recently seen a surge in its price, crossing a crucial technical level and boasting impressive financial performance. But before you jump in, let’s analyze the situation and see if this is a buy opportunity.

Q3 Results Impress

Tirupati Forge Ltd has reported a staggering 90.95% increase in revenue, soaring to ₹32.50Cr in Q3 2023-2024 compared to the same period last year. Moreover, the net profit has surged by an astonishing 100.98% to ₹2.05Cr during the same quarter. Despite a slight dip in net profit margins on a quarterly basis, the company’s overall performance remains robust.

Technicals Signal Breakout

The stock of Tirupati Forge Ltd has been on a notable uptrend since mid-July 2023, delivering exceptional returns of over 150% in just seven months.

Tirupati Forge Ltd Stock price chart on Weekly timeframe
Tirupati Forge Ltd Stock price chart on Weekly timeframe

However, recent observations suggest caution as the stock hovers around crucial levels post crossing the 50 percent mark on the Fibonacci retracement. While there hasn’t been a significant surge in trading volume, investors are advised to closely monitor the stock’s movement, particularly looking for bullish signals accompanied by rising volumes, which could indicate a sustained upward momentum.

About the Company

Established in 2012, Tirupati Forge Ltd specializes in the manufacturing of Carbon Steel Forged Flanges, Forged components, and various automotive parts. Its diverse clientele spans across industries such as Automotive, Aerospace, Mining & Construction, Marine, Railway, Power, and Oil & Gas.

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