40 per cent in just 2 days: Dheeraj Lohia bought 4,50,000 shares of this multibagger penny stock; scrip hit upper circuit and 52-week high!

The stock is up 70 per cent in 6 months and gave multibagger returns of over 500 per cent in 3 years.

The Indian stock market was in green, with the benchmark BSE Sensex Index up 0.10 per cent at a level of 71,750. About 2,040 shares have advanced, 1,450 declined and 156 are unchanged on the BSE. 

Along with the market in green, this penny stock hit a 20 per cent upper circuit to Rs 32.20 per share. The stock also made a fresh new 52-week high of Rs 32.20 per share and its 52-week low is Rs 18. The shares of the company saw a spurt in volume by more than 5.20 times on BSE. In just 2 days the stock is up by 40 per cent.

The penny stock is BLB Ltd.

BLB Ltd., founded in 1981, is a corporate stockbroker within the BLB group specialising in "jobbing and arbitrage" (trading securities for small and immediate profits) and broader investment activities across shares, securities, and commodities.

The sudden rise in the stock price was due to an ace investor, Dheeraj Lohia took a fresh entry and bought 4,50,000 shares of this penny stock via the open market at Rs 22.40 per share aggregating to Rs 1.01 crore.

Earlier this week, the company announced its stellar Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the fiscal year 2024. According to the quarterly results, the net sales increased by 76 per cent to Rs 44.35 crore and net profit increased by 20.3 per cent to Rs 1.48 crore in Q3FY24 compared to Q2FY24. The company's net profit surged 31.5 per cent to Rs 4.97 crore in the first nine months, driven by a strong showing in net sales of Rs 109.3 crore.

The company has a market cap of Rs 169 crore with a 3-year stock price CAGR of 71 per cent. According to the shareholding pattern as of September 2023, the company's promoters own a 45.35 per cent stake, FIIs own 4.88 per cent and the rest of the stake is owned by the general public i.e. 49.77 per cent. The stock is up 70 per cent in 6 months and gave multibagger returns of over 500 per cent in 3 years.

Disclaimer: The article is for informational purposes only and not investment advice.