Multibagger from its 52-week low: This micro-cap company ropes Govinda as brand ambassador and receives Rs 18 crore for branding expenditure!

The stock is up by 28 per cent in just 1 month.

Lehar Footwears Limited (Lehar), announced that it has engaged Bollywood actor ‘Govinda’ as a brand ambassador to promote the company’s products through electronic and print media advertisements. 

Additionally, the company announced that it has received approval for a publicity campaign and brand promotion proposal with an investment of Rs 18 crore for 3 years along with Government of India assistance of Rs 9 crore for 3 years and the balance amount of Rs 9 crore will be invested by the company. 

DSIJ offers a product 'Tiny Treasure' with recommendations for Small-Cap & micro-cap stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the product details pdf here

On Friday, shares of Lehar Footwears zoomed 2 per cent to Rs 102 per share from its previous closing of Rs 100.13 per share. 

Lehar Footwears Ltd manufactures a variety of footwear like lightweight fancy slippers, PVC and TPR footwear, synthetic leather chappals in addition to Hawaii chappals and canvas shoes. 

The net sales increased by 30 per cent and net profit increased by 80 per cent in Q3FY23 over Q3FY22. In FY22, net profit skyrocketed 200 per cent over FY21. The promoters of the company have increased their stake by 2.11 per cent over the last quarter and currently, they hold a 70.82 per cent stake and the rest is owned by the public (29.19 per cent) as of April 2023.  

The stock gave multibagger returns of 210 per cent from its 52-week low of Rs 33 per share. Investors should keep a close watch on this micro-cap footwear stock under the radar.