Multibagger penny stock under Rs 5: This micro-cap company is set to trade ex-rights issue tomorrow; do you own it?
The net sales skyrocketed by 236.12 per cent and the net profit skyrocketed by 458.94 per cent in FY23 over FY22.
On Wednesday, shares of Seacoast Shipping Services Limited plunged 2.58 per cent to Rs 4.15 per share with an intraday high of Rs 4.33 and an intraday low of Rs 4.12.
Recently, the Board of Directors of the company has approved fundraising by way of issuance of equity shares of the face value of Rs 1 each of the company to its eligible equity shareholders on a rights basis (Rights issue) for a value not exceeding Rs 49 crore.
The company fixed the record date for the rights issue as Thursday, July 13, 2023. The rights issue will be priced at Rs 2.40 per share, and the issue period will be open from Friday, July 21, 2023 to Monday, July 31, 2023.
The outstanding equity shares prior to the right issue are 33,66,75,000 equity shares and the post-right Issue is 53,86,80,000 equity shares (assuming full subscription)
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Seacoast Shipping Services Limited is providing single-window logistics services to exporters and importers. The company has a market cap of Rs 139.72 crore with a 3-year stock price CAGR of 30 per cent. The stock has a PE of 7.05x, a ROE of 36.10 per cent and a ROCE of 38.40 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 gave multibagger returns of over 1120 per cent in just 3 years. Investors should keep an eye on this micro-cap stock.