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Netweb Technologies Promoters to Sell 20.54 Lakh Shares via Block Deals

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Synopsis:

Promoters of Netweb Technologies plan to sell 20.54 lakh shares, raising ₹447.9 crore. The floor price has been established at ₹2,180/share, which represents a 3.4% discount on the CMP. Recently, the company has posted a threefold increase in Q1 net profit to ₹15.4 crore.

Netweb Technologies News Today

Promoters of Netweb Technologies India Ltd, including Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha, are set to sell 20.54 lakh shares of the company through block deals. As a result, Netweb Technologies shares will remain in focus.

Block Deal Details

The floor price for these block deals has been established at ₹2,180 per share, which represents a 3.4% discount on the current market price (CMP). The total value of the shares on offer is estimated at $53.5 million, equivalent to up to ₹447.9 crore.

Q1 Performance Highlights

Netweb Technologies, an IT hardware company, reported remarkable financial performance for the first quarter of the 2024-25 fiscal year. The company achieved a net profit of ₹15.4 crore, a significant increase from the ₹5 crore posted in the same period the previous year. 

Total income surged to ₹153.21 crore, up from ₹60.2 crore in the corresponding quarter of June 2023.

Stock Performance

Netweb Technologies' share price closed at ₹2,262.30 on Thursday, down by ₹46.25 or 2.00%. Over the past year, the company's stock has delivered an impressive return of 164.09%, with year-to-date gains amounting to 91.23%.

Key Takeaways

The block deal, priced at a slight discount to the current market price, signifies a significant transaction valued at approximately ₹447.9 crore. The company's robust Q1 results, driven by substantial growth in AI systems revenue, underscore its solid position in the IT hardware sector.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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