Netweb Technologies surges 10% on board approval for final dividend of ₹2 per share

The stock opened higher at ₹2,459.40 per piece on the NSE and rallied 9.9% from the previous close to hit an intraday high of ₹2,664.80 per share. The Netweb Technologies India stock was listed in July 2023 and has surged more than five times its initial public offering (IPO) price of ₹500 per share. Year-to-date, the stock is up 121%.

Last month, Netweb Technologies announced that it has recorded over three-fold jump in its net profit to ₹15.4 crore for the quarter ended June 2024 (Q1 FY25) compared with a net profit of ₹5 crore in the same period a year ago.

Total income increased to ₹153.2 crore during the June quarter compared with ₹60.2 crore a year ago.

Netweb Technologies was also in the news earlier this month after shares worth as much as ₹459 crore were sold in a block deal on August 2. Four promoters were likely sellers in the transaction.

Around 20.5 lakh shares, equivalent to a 3.64% stake in the company, had changed hands on the exchanges. The deal was executed at an average price of ₹2,232 per share.

The four promoters owned a combined stake of 74.75% in the company, with Sanjay Lodha being the biggest shareholder with 29.9% stake, followed by Navin Lodha, Vivek Lodha, and Niraj Lodha, all holding 14.95% stake each.

Netweb Technologies India Limited deals in High-end Computing Solutions (HCS). It makes and designs different high-performance products (HPC), including supercomputers, private cloud systems (HCI), AI systems, and workstations. It also makes fast storage and servers for data centres.