FIIs bought 50,00,000 shares of this multibagger penny stock below Rs 50; Board likely to announce bonus shares!

The stock gave multibagger returns of 370 per cent in just 6 months whereas the BSE Sensex Index was up by 14 per cent in the same period.

Newtime Infrastructure Limited inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, April 11, 2024, inter alia, to consider and recommend a proposal for the declaration of bonus shares to the equity shareholders of the company, subject to the approval of shareholders.

Today, one of the Top Gainers and heavy buying stock on BSE, shares of Newtime Infrastructure Limited hit a 5 per cent upper circuit to Rs 48.83 per share from its previous closing of Rs 46.51. The stock’s 52-week high is Rs 49.82 while its 52-week low is Rs 8.77. The shares of the company saw a spurt in volume by more than 33 times on BSE.

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Newtime Infrastructure was earlier into the development of information technology business with the name of Intra Infotech Limited and then it changed its name and main object to infrastructure business, seeing the immense growth in the sector and therefore is now into real estate development with a pan-India presence and operations spanning all key segments of the Indian real estate industry, namely the residential, commercial, and retail sectors. The company's operations encompass various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution.

The company has a market cap of over Rs 800 crore. In March 2024, FIIs bought 50,00,000 shares and increased their stake to 2.89 per cent compared to 0.03 per cent in December 2023. The stock gave multibagger returns of 370 per cent in just 6 months whereas the BSE Sensex Index was up by 14 per cent in the same period.

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