Multibagger penny stock under Rs 10; Board likely to announce rights issue!

The stock has a PE of 8.63x, a ROE of 37 per cent and a ROCE of 39 per cent.

On Friday, one of the Top Gainers on BSE, shares of Seacoast Shipping Services Limited were locked in 10 per cent upper circuit to Rs 5.08 per share from its previous closing of Rs 4.62.

Seacoast Shipping Services Limited announced that the Board of Directors of the Company will be held a meeting on June 12, 2023, Monday at the Registered office of the Company for the following matters:

1) Raising funds through the issue of equity shares on a rights basis to the existing equity shareholders of the company for an amount aggregating up to Rs 49 crore in accordance with applicable laws, including the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Rights Issue).

In this regard, the trading window for dealing in securities of the company by the designated persons shall be closed from June 08, 2023, till 48 hours from the date of the conclusion of the board meeting.

 2) Any other transaction with the approval of the chair.

Seacoast Shipping Services Limited is providing single-window logistics services to exporters and importers. The company has a market cap of Rs 171.03 crore with a 3-year CAGR of 57 per cent. The stock has a PE of 8.63x, a ROE of 37 per cent and a ROCE of 39 per cent.

According to the financials, the net sales increased by 448.64 per cent to Rs 115.50 crore in Q4FY23 over Q4FY22. The company reported a net profit of Rs 2.77 crore in Q4FY23 compared to a net loss of Rs 2.30 crore in Q4FY22. The net sales skyrocketed by 236.12 per cent and the net profit skyrocketed by 458.94 per cent in FY23 over FY22.

The stock is up by 60 per cent in just 1 month and over 280 per cent in just 3 years. Investors should keep an eye on this micro-cap stock.