Dheeraj Lohia's portfolio multibagger penny stock hit 10 per cent upper circuit; opens offer for public shareholders post stellar quarterly & nine-month results!

The stock is up by 87 per cent from its 52-week low of Rs 18 per share and gave multibagger returns of over 560 per cent in 3 years.

The Indian stock market was in green, with the benchmark BSE Sensex Index up 0.67 per cent at a level of 71,620. About 2,461 shares have advanced, 1,309 declined and 108 are unchanged on the BSE. 

Along with the market in green, this penny stock hit a 10 per cent upper circuit to Rs 33.72 per share. The stock’s 52-week high is Rs 34.70 per share and its 52-week low is Rs 18.

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.

BLB Limited has informed the company has received an offer draft letter from Fast Track Finsec Private Limited. This was sent on behalf of Dream Achiever Consultancy Services Private Limited. The company has issued an open offer for the public shareholders of BLB Limited.

Offer Details:

• The offer price for the public shareholders of BLB Limited is Rs 22.60 per equity share.
• Dream Achiever Consultancy Services Private Limited has issued this open offer to buy shares with a face value of Rs 1 for Rs 22.60.
• The company is looking to buy 1.37 crore equity shares under this offer, which represents 26 per cent of the total shares of the company.

Earlier, an ace investor, Dheeraj Lohia 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.

The company also 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 178.26 crore with a 3-year stock price CAGR of 70 per cent. According to the shareholding pattern as of December 2023, the company's promoters own a 36.84 per cent stake, FIIs own 4.87 per cent and the rest of the stake is owned by the general public i.e. 58.29 per cent. The stock is up by 87 per cent from its 52-week low of Rs 18 per share and gave multibagger returns of over 560 per cent in 3 years.

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