Exicom Tele Systems Share: Shares of Exicom Tele Systems, a company related to heavy electrical equipment, saw a sharp rise on Wednesday. On the third day of the week, the stock rose nearly 10 percent to Rs. 361.70 per share hit a 52-week high. In March 2024, this share will be Rs. It touched a low of 170.25. The stock is at a 52-week low. However, the stock has recently rallied following an important announcement made by the company.
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Reason for the stock to rise
Electronic vehicle (EV) charger manufacturer Exicom Tele Systems has announced that it has entered into a strategic partnership with Berlin-based EV interoperability player, Hubject. The partnership aims to leverage Hubject’s InterCharge platform to make it easier for EV drivers to find and charge points.
The company said – Our partnership with Hubject aims to provide a smooth charging experience for EV users. Anant Nahata, CEO, Exicom, said the establishment of a central interoperability hub will streamline payment settlement and reduce dependence on multiple wallets, thereby ensuring a seamless experience for EV users across the country.
Company details
Let us tell you that Exicom provides EV charging solutions for homes, workplaces and public places. In FY24, the company made Rs. 63.91 crore in profit and in FY23 it was Rs. 8.01 crores is over. Income from operations grew 44 percent YoY in FY24 to Rs. 1,019.60 crore which in FY23 is Rs. 707.93 crores. Ebitda grew by 111 percent year-on-year to Rs. 112 crores was reached. As of March 31, 2024, the company’s total order book in FY23 stood at Rs. 847 crore as against Rs. 1,106 crores.
The IPO came in February
The IPO of Exicom Tele Systems came in the month of February. Under this Rs. 329 crore of new shares were issued. Apart from this Rs. 70.42 lakh equity shares worth Rs 100 crore were offered for sale (OFS). The price band for the IPO is Rs. 135 to Rs. 142 per share was held.