Penny stock under Re 1 hit the upper circuit with heavy volume as the company reports a turnaround story in Q1FY25

Penny stock under Re 1 hit the upper circuit with heavy volume as the company reports a turnaround story in Q1FY25

Kiran Shroff
/ Categories: Trending, Penny Stocks

The stock is up by 23.3 per cent from its 52-week low of Rs 0.73 per share.

Maharashtra Corporation Limited is a publicly traded company incorporated in 1982. Initially focused on investing, trading and distributing textiles, agro commodities and other goods, the company has expanded its operations. In 2022, it secured shareholder approval to venture into real estate development, including purchasing properties, constructing residential, commercial and industrial spaces and subsequently selling or leasing them. This strategic shift positions the company for growth in the real estate sector while continuing its established trading activities.

In Q1FY25, the company witnessed a significant turnaround, reporting a net profit of Rs 0.51 crore compared to a net loss of Rs 0.22 crore in the same period last year, a 332 per cent increase. Net sales for the quarter stood at Rs 0.65 crore, while full-year FY24 figures show net sales of Rs 0.78 crore and a net profit of Rs 0.24 crore.

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Additionally, Maharashtra Corporation Ltd has successfully registered land plots in Naranpura, Ahmedabad, for its upcoming commercial project. Despite the full payment made months ago, technical challenges delayed the process. The 1,20,000-square-foot project will feature retail, offices, healthcare facilities, and lifestyle amenities, targeting a diverse clientele. Benefiting from a prime location with a 120-foot road view and proximity to Sardar Vallabhai Patel Stadium, the project is poised for success in Ahmedabad's thriving real estate market, characterized by robust growth in both residential and commercial sectors.

On Wednesday, shares of Maharashtra Corporation Ltd traded at Re 0.90 per share, up 5 per cent from its previous closing of Rs 0.86 with a spurt in volume of more than 2.20 times on BSE. The stock is up by 23.3 per cent from its 52-week low of Rs 0.73 per share. This company has a market cap of over Rs 50 crore where promoters own 16.62 per cent and the rest 83.38 per cent stake is owned by the public shareholders.

Disclaimer: The article is for informational purposes only and not investment advice. 

Also Read: Debt-free penny stock under Rs 10 hit upper circuit as company is into expansion Europe, Middle-East and Africa (EMEA) and Asia-Pacific (APAC) markets!

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