Promoters bought 2,97,000 shares: Multibagger penny stock at Rs 82.80 hit 20 per cent upper circuit & 52-week high on update of new processing unit

The stock gave multibagger returns of 160 per cent in just 1 year and a whopping 600 per cent in 3 years.

MRP Agro Limited, following their earlier intimation dated March 2nd, 2024 regarding the establishment of a new food processing unit (Dal Mill) in Tikamgarh, Madhya Pradesh, is pleased to announce the completion of the unit's construction. An inauguration ceremony will be held to celebrate this milestone on Monday, May 20th, 2024 at 7:00 AM at Plot No. 22, Semi-Urban Industrial Area, Dhonga, Tikamgarh, Madhya Pradesh.

Additionally, the company is happy to report that the Electricity Board has allocated the necessary power connection for the new facility. The plant and machinery are also ready for production, with trial runs commencing next week. It's important to note that this state-of-the-art equipment was supplied end-to-end by AGI Milltech, a reputable Canadian multinational corporation specializing in agricultural equipment and solutions.

On October 13, 2023, shares of the company ex-traded bonus shares in the ratio of 2:1 i.e., 2 new equity bonus shares of Rs 10 each for every 1 existing equity share of Rs 10 each held by equity shareholders as of record date.

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Incorporated in 2018, MRP Agro Ltd does trading of food grains, fly ash and coal including the import and export of such products. The company has a trading network in urban and rural areas from where it purchases food grains, fly ash and coal from local markets by way of auction in large quantity and then sells these products, after clearing quality checks, to wholesalers. 

Talking about the financials, MRP Agro Ltd has a market cap of over Rs 80 crore. The company reported positive numbers in its half-yearly (H2FY24) results and annual results (FY24). In its annual results, the net sales increased by per cent to Rs 43.20 crore and net profit increased by per cent to Rs 1 crore in FY24 compared to FY23.

Today, one of the Top Gainers on BSE, shares of MRP Agro Ltd were locked in 20 per cent upper circuit to Rs 82.80 per share from its previous closing of Rs 69 per share with a spurt in volume by more than 3.21 times. The stock also made a fresh new 52-week high is Rs 82.80 per share and its 52-week low is Rs 30.69.  

The promoters of the company bought 2,97,000 shares and increased their stake to 68.34 per cent as of May 15, 2024, compared to 65.37 per cent in December 2023. The stock gave multibagger returns of 160 per cent in just 1 year and a whopping 600 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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