Textile penny stock under Rs 35 with 7,200 per cent returns, Scrip hit 10 per cent upper circuit on September 16
The stock gave multibagger returns of 125 per cent in 1 year, 1,200 per cent in 2 years and a whopping 7,200 per cent in 5 years.
Today, one of the Top Gainers on BSE, shares of Lorenzini Apparels Ltd surged 10 per cent to an intraday high of Rs 32.87 per share from its previous closing of Rs 29.89 per share. The stock’s 52-week high is Rs 33.79 while its 52-week low is Rs 14.45. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.
Lorenzini Apparels Ltd., established in 2007, designs, manufactures, and markets ready-made garments for men and women through their own "Monteil" brand, offering formal, semi-formal, and casual wear, both in their exclusive stores and online, while also utilising third-party contractors for some garment production. The company has a market cap of over Rs 500 crore.
The company informed that they have received the In-principle approval for the listing of 38,20,827 equity shares under the conversion of warrants issued on a preferential basis from the National Stock Exchange of India Limited. Earlier, Lorenzini Apparels Ltd announced the company is planning to open a new franchisee store at “Shop No. 02 Kishan Vilas Didwana Road Kuchaman City, Jaipur, Rajasthan-341508” to expand the business.
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Furthermore, to make Lorenzini Apparels Ltd stock more accessible to investors and increase its trading activity, the company enacted a stock split and bonus share issuance on March 28, 2024. Existing shares with a face value of Rs 10 were subdivided into 10 shares with a face value of Rs 1 each. Additionally, shareholders on the record date received 6 bonus shares (Rs 1 each) for every 11 existing shares (Rs 10 each) they owned, essentially growing their total shareholding. This manoeuvre also expanded the company's authorized share capital from Rs 11,70,00,000 to Rs 17,30,00,000.
According to the Quarterly Results, the company reported net sales of Rs 15.18 crore and a net profit of Rs 1.86 crore in Q1FY25. The net sales increased by 24 per cent to Rs 54.76 crore and net profit skyrocketed by 110 per cent to Rs 5.30 crore in FY24 over FY23. The stock gave multibagger returns of 125 per cent in 1 year, 1,200 per cent in 2 years and a whopping 7,200 per cent in 5 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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