Heavy Buying: Penny stock below Rs 10 hit the upper circuit on February 20; Reported a turnaround story in Q3FY24
The stock is up by 37 per cent from its 52-week low and down by 67 per cent from its 52-week high.
Today, the stock market ended the day in green with the BSE Sensex Index up by 0.48 per cent and the NSE Nifty-50 Index up by 0.34 per cent. Along with the market in green, shares of Toyam Sports Ltd hit a 5 per cent upper circuit to Rs 6.62 per share from its previous closing of Rs 6.31. The stock’s 52-week high is Rs 19.45 while its 52-week low of Rs 4.65. At the closing bell, shares of the company were trading at Rs 6.36 per share, up 0.79 per cent with a spurt in volume by more than 2.54 times on BSE.
The abrupt surge in the stock price can be attributed to the company's announcement of outstanding Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the fiscal year 2024. Here are the specifics: In the quarterly results, net sales soared by 915 per cent to Rs 19.68 crore, and net profit surged by 370 per cent to Rs 5.64 crore in Q3FY24 compared to Q2FY23. The company witnessed a remarkable turnaround, with net sales increasing by 234 times in Q3FY24 over Q3FY23 and reported a net profit of Rs 5.64 crore in Q3FY24, contrasting with a net loss of Rs 8.88 crore in Q3FY23.
In its nine-month results, net sales surged by 811 per cent to Rs 24.66 crore in 9MFY24, compared to Rs 2.71 crore in 9MFY23, while it recorded a net profit of Rs 6.36 crore in 9MFY24, up from a net loss of Rs 8.73 crore in 9MFY23, representing a 173 per cent increase.
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Toyam Industries Ltd was incorporated in 1985. The company operates in the commodity business, finance business, restaurant business & event business. The registered office of the company is in Mumbai. The company’s only 0.33 per cent stake is owned by FIIs and the remaining 99.68 per cent stake is owned by the public as of December 31, 2023. The company has very little debt with only Rs 0.79 crore in current debt.
The company has a market cap of over Rs 350 crore. The stock is up by 37 per cent from its 52-week low and down by 67 per cent from its 52-week high.
Disclaimer: The article is for informational purposes only and not investment advice.
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