Multibagger penny stock at Rs 3 with 6,000 per cent returns; Board announces funds raising via preferential issue, rights issue or any other mode!
The stock gave multibagger returns of 3,700 per cent in 2 years and a whopping 6,000 per cent in 3 years.
The Board of Directors of Standard Capital Markets Limited convened a meeting on February 27, 2024, following a prior notice issued on February 22nd. The primary topic of discussion was the potential raising of funds through the issuance of various instruments, including equity shares or convertible securities. These securities could be issued via a preferential issue, rights issue, or another suitable method. The company is strategically exploring these financing options in collaboration with institutions to determine the optimal approach. Further details on the chosen method will be shared as soon as the Board reaches a decision.
Additionally, as per BSE filing, COX Worldwide Consultants Private Limited sold 3,28,75,451 shares or 2.24 per cent stake in the company from January 16, 2024 to February 23, 2024 in open market.
Standard Capital Markets Ltd, established in 1987, is a non-deposit, non-systemically important NBFC licensed by the Reserve Bank of India. It is classified as an NBFC-Investment and Credit Company (NBFC-ICC) and has a market capitalisation of Rs 493.92 crore. The company has achieved a remarkable profit growth of 100 per cent CAGR over the last 5 years.
Standard Capital Markets established a wholly-owned subsidiary, Standard Capital Advisors Limited, to operate as a merchant bank. This new entity, managed by CFO Mr Akash Bhatia, will assist companies with managing, registering, and launching offerings of various financial instruments like shares, debentures, and certificates. Standard Capital Markets retains full subsidiary ownership, expanding its reach into merchant banking activities.
According to Quarterly Results, the net sales increased by 94.4 per cent to Rs 5.78 crore, operating profit increased by 243.7 per cent and net profit increased by 647.8 per cent to Rs 3.32 crore in Q3FY24 compared to Q3FY23 while the net sales increased by 272.2 per cent to Rs 16.70 crore and net profit increased by 1,203 per cent to Rs 8.20 crore in 9MFY24 compared to 9MFY23.
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In its half-yearly results (H1FY24), the net sales surged 426 per cent to Rs 10.92 crore and net profit leapt 2,560 per cent to Rs 4.90 crore, year-over-year. The impressive trend extended to FY23, where net sales jumped 2,093 per cent to Rs 8.05 crore and net profit galloped 2,584 per cent to Rs 2.23 crore, compared to FY22.
After rising nearly 140 per cent over the period of 6 months, shares of Standard Capital Markets Ltd are undergoing a correction and have hit the lower circuit for the second straight day. Today, shares of Standard Capital Markets Ltd plunged 5 per cent to Rs 3.05 per share from its previous closing of Rs 3.21. The 52-week high of the stock is Rs 3.52 and the 52-week low of Rs 1.15
According to the shareholding pattern, promoters of the company only own a 17.81 per cent stake while an 82.19 per cent stake is owned by the public. The stock gave multibagger returns of 3,700 per cent in 2 years and a whopping 6,000 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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