Ideaforge Tech Shares Surge Over 19% After Reporting Profit In Q3

Shares of Ideaforge Technologies Ltd. jumped over 19% on Tuesday after it reported a net profit in the third quarter.

The company's net profit stood at Rs 14.79 crore in the October-December period, compared to a loss of Rs 7.80 crore in the corresponding quarter last year, according to an exchange filing.

Ideaforge Technologies Q3 FY24 Results (Consolidated, YoY)

• Revenue up 1,065.93% at Rs 90.89 crore.

• Ebitda at Rs 19.58 crore vs loss of Rs 16.18 crore.

• Margin at 21.54%.

• Net profit at Rs 14.79 crore vs loss of Rs 7.80 crore.

Shares of the company rose as much as 19.16%, the highest level since Jan. 5, before paring gains to trade 9.97% higher at 11:21 a.m. This compares to a 0.4% advance in the NSE Nifty 50.

The stock has fallen 40.22% since listing. Total traded volume so far in the day stood at 38 times its 30-day average. The relative strength index was at 55.66.

The one analyst tracking the company has a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 108.8%.