Ashish Kacholia bought 10,45,750 shares & Promoter bought 65,359 shares: Multibagger penny stock under Rs 80 jumps 140 per cent returns from its 52-week low
The stock gave multibagger returns of 140 per cent from its 52-week low of Rs 31.10 per share.
The stock market closed in the green on Friday. The BSE Sensex Index gained 0.27 per cent to 81,225 and the NSE Nifty-50 Index surged 0.42 per cent to 24,854. Of the 4,043 stocks that traded, 1,839 advances, 2,110 fell and 94 remained unchanged.
Though the market was in green, shares of this micro-cap company plunged 1,36 per cent to Rs 74.60 per share from its previous closing of Rs 75.63 per share. The stock’s 52-week high is Rs 102.79 and its 52-week low is Rs 31.10.
Before we reveal the stock, let's discuss what's driving its popularity.
The Board of Directors of the company has approved the allotment of 35,94,760 securities on a preferential basis each issued at an issue price of Rs 38.25 per unit, including a premium of Rs 28.25. The equity shares have a face value of Rs 10 per share, while the warrants are fully convertible into equity shares at the same price. The total consideration for this allotment amounts to Rs 14,37,49,515.44. This issuance complies with the Companies Act, 2013, the SEBI ICDR Regulations, and other relevant laws, and is intended to [mention the purpose of the issuance].
In the allotment Avishi Anuj Sharedalal the Promoter bought 65,359 shares worth Rs 24,99,981.75 and an ace investor, Ashish Rameshchandra Kacholia bought 10,45,750 shares worth Rs 3,99,99,937.50.
The trending stock name is TEXEL INDUSTRIES LTD.
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Texel Industries Ltd, established in 1989, is a leading manufacturer of tarpaulins and geomembranes. The company offers a diverse product range that caters to various industries such as agriculture, horticulture, transportation, aquaculture, water management, waste management, animal husbandry, landscaping and construction. With a strong clientele base that includes prominent names like Hindalco, Orchid Pharma, Oil India Ltd, NTPC, Hindustan Zinc, Shree Cement, and others, Texel Industries has a significant market presence. The company's manufacturing capacity is approximately 23,680 metric tons per annum, spread across two plants located in Santej and Kheda.
The company has a market cap of Rs 62.21 crore and mixed sets of numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The stock gave multibagger returns of 140 per cent from its 52-week low of Rs 31.10 per share. Investors should keep an eye on this multibagger penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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