Penny stock under Rs 7: Dubai-based Meteora Developers with co-owner Jacqueline Fernandez, acquires England Champions cricket team; details inside!

The stock is up by 35 per cent from its 52-week low and down by 60.5 per cent from its 52-week high.

Toyam Sports Limited (TSL) announced that real estate developer Meteora Developers, partnering with Bollywood star Jacqueline Fernandez, has acquired the England Champions cricket team. This strategic move allows the team to compete in the World Championships of Legends, bringing together cricket legends with a global audience. The acquisition was announced at a glamorous ceremony in Dubai, attended by former England captain Ian Bell, signifying a new era for the team.

At a ceremony brimming with excitement, WCL CEO Harshit Tomar outlined the league's vision to transform global cricket, warmly welcoming Meteora Developers and the England Champions. Praveen Sharma, Meteora's CEO, expressed his ambitions, highlighting legendary players like Ian Bell and the team's desire to inspire fans. Bollywood star and co-owner Jacqueline Fernandez echoed the team's enthusiasm, while cricketer Ian Bell emphasized the significance of the venture for players and the sport. The ceremony culminated in the signing of a groundbreaking partnership and the unveiling of the England Champions' logo and jersey, marking a new era for the team.

Toyam Sports Limited (TSL), the sole sports-focused public company on Indian exchanges, actively produces, promotes, and manages events across MMA, Cricket, and Tennis. Their Kumite 1 League dominates India's MMA scene, while their reality show "Kumite 1 Warrior Hunt" garnered massive success in 2023. Beyond MMA, TSL sponsored the 2022 India vs Bangladesh ODI series and, through their subsidiary, owned a team in the 2023 World Tennis League, showcasing their commitment to diverse athletic pursuits domestically and internationally.

Today, shares of Toyam Sports Ltd surged 1.47 per cent to Rs 6.23 per share from its previous closing of Rs 6.14 with an intraday high of Rs 6.31 and an intraday low of Rs 6.18. The stock’s 52-week high is Rs 19.45 while its 52-week low of Rs 4.65.

The abrupt surge in the stock price can be attributed to the company's announcement of outstanding Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the fiscal year 2024. Here are the specifics: In the quarterly results, net sales soared by 915 per cent to Rs 19.68 crore, and net profit surged by 370 per cent to Rs 5.64 crore in Q3FY24 compared to Q2FY23. The company witnessed a remarkable turnaround, with net sales increasing by 234 times in Q3FY24 over Q3FY23 and reported a net profit of Rs 5.64 crore in Q3FY24, contrasting with a net loss of Rs 8.88 crore in Q3FY23.

In its nine-month results, net sales surged by 811 per cent to Rs 24.66 crore in 9MFY24, compared to Rs 2.71 crore in 9MFY23, while it recorded a net profit of Rs 6.36 crore in 9MFY24, up from a net loss of Rs 8.73 crore in 9MFY23, representing a 173 per cent increase.

The company’s only 0.33 per cent stake is owned by FIIs and the remaining 99.68 per cent stake is owned by the public as of December 31, 2023. The company has very little debt with only Rs 0.79 crore in current debt. The company has a market cap of over Rs 350 crore. The stock is up by 35 per cent from its 52-week low and down by 60.5 per cent from its 52-week high.

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