Promoters sold 8,30,007 shares of this low PE penny stock under Rs 15; Board likely to announce rights issue!
The stock is up by 29 per cent from its 52-week low of Rs 8.47 per share with a PE of 7x whereas the industry PE is 38x.
Jonjua Overseas Limited informed that a Board meeting is scheduled on Monday, August 12, 2024, at 4:00 PM. The agenda includes approving the Notice for the Annual General Meeting (AGM), determining its date, time, and venue, and setting the record date or book closure date for the same. Additionally, the Board will consider increasing the authorized share capital and amending the company's articles and memorandum of association. A significant proposal is to relocate the registered office from Mohali to Sector 70, Mohali. Routine company matters will also be reviewed. Furthermore, as per the previous notice dated August 5, 2024, the Board will deliberate on a fundraising plan, potentially involving the issuance of equity shares through a Rights Issue or other suitable methods, subject to necessary regulatory approvals.
Jonjua Overseas Ltd is an Indian company involved in various sectors, including service exports, corporate consultancy, agriculture, and the sale of printed books. The company offers services such as service exports, printing of books, agriculture, and domestic service sales. The company has a market cap of Rs 8.64 crore. According to the financials, the company reported positive numbers in its half-yearly results (H2FY24) and annual results (FY24).
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On Tuesday, shares of Jonjua Overseas Ltd plunged 5.04 per cent to Rs 11.30 per share from its previous closing of Rs 11.90 with an intraday high of Rs 11.60 and an intraday low of Rs 10.36. The stock’s 52-week high is Rs 21.45 and its 52-week low of Rs 8.47. The stock is an SME stock having a lot size of 4,082 shares and currently trading at 0.88 times its book value.
The stock is up by 29 per cent from its 52-week low of Rs 8.47 per share with a PE of 7x whereas the industry PE is 38x. Investors should keep an eye on this micro-cap IT stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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