Multibagger in just 1 month: Don’t miss action in this stock that has announced Rights Issue!

The stock gave multibagger returns of 117.02 per cent in just 1 month whereas BSE Small-cap Index is up by 1.11 per cent.

On Monday, the benchmark indices started the day higher. At 10:00 am, BSE Sensex was up by 0.26 per cent to a level of 59,985.52 and the NSE Nifty-50 Index was up by 0.27 per cent to a level of 17,646.85.   

Shares of GI Engineering Solutions Ltd zoomed 5 per cent upper circuit to Rs 17.02 per share from its previous closing of Rs 16.21. The stock also traded at a new 52-week high of Rs 17.02 per share.   

GI Engineering informed that the company’s proposed fund-raising program of up to Rs 100 crore in total, including the issue of fully paid-up equity shares of the Company of the face value of Rs 10 each (“Equity Shares") by way of a rights issue (“Rights Issue”) not exceeding Rs 50 crore in a single tranche, in accordance with the Companies Act, 2013 and SEBI rules.   

GI Engineering Solutions Ltd is an offshore engineering design company. The Company offers civil engineering and Information Technology (IT) support. The shares of the company saw a spurt in volume by more than 10.18 times on BSE.   

The company has reported excellent Quarterly Results (Q3FY23).  The company is almost debt free and the promoters’ holdings have increased their stake by 1.11 per cent in Q3FY23 over Q3FY22.   

The stock gave multibagger returns of 117.02 per cent in just 1 month whereas BSE Small-Cap Index is up by 1.11 per cent. Investors should keep an eye on this civil construction company’s stock under their watchlist.