Netweb Technologies jumps 8%, hits fresh all-time high amid heavy volumes

So far this year, shares of Netweb Tech have surged over two-fold or 143 percent

Shares of Netweb Technologies jumped nearly 8 percent to hit an all-time high of Rs 3,059 apiece on November 27 amid heavy volumes. So far, around 0.5 million equity shares exchanged hands at the BSE and NSE, significantly exceeding 0.2 million equity shares on 1-week average.

So far this year, shares of Netweb Tech have surged over two-fold or 143 percent, as against 10 percent rise in the benchmark Nifty 50 index.

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In the July-September quarter, the company reported a 70 percent year-on-year increase in net profit, with revenues reaching Rs 251 crore. Operationally, EBITDA surged by 85 percent YoY, while the EBITDA margin expanded by 90 basis points compared to the same period last year.

As of September 2024, the company’s order book stood at Rs 369.7 crore, up from Rs 217.4 crore in September 2023.

The company highlighted the thriving AI research ecosystem in India, driven by government initiatives and industry partnerships, presenting significant innovation potential. It stated that it is well-positioned to capitalize on these opportunities, with a strategic focus on three key areas—HPC, Private Cloud, and AI—keeping it at the forefront of technological advancements. "Fueled by innovation, this robust growth underscores the pivotal role of AI in our business strategy and future development," the company added.

Around 2 brokerages cover the stock, with both of them recommeding a strong "buy" for Netweb Technologies.