Sangeetha S bought 33,36,900 shares & FIIs bought 1,53,48,927 shares of this multibagger penny stock; Board approved allotment of 6 lakh warrants into equal number of equity shares!

The stock gave multibagger returns of 730 per cent in 3 years and a whopping 4,325 per cent in a decade.

BCL Industries Ltd approved the issuing of 6,00,000 new equity shares to settle existing warrants, adjusting for a recent stock split that divided each Rs 10 per share into 10 Rs 1 per share. These shares, priced at Rs. 36 (including a Rs 35 premium), correspond to 60,000 warrants originally issued at Rs 360 each. Warrant holders can convert 75 per cent of their remaining warrants at a discounted rate of Rs 270 each, raising Rs 1.62 crore for the company. The remaining 27.81 lakh warrants can still be converted based on their adjusted value after the subdivision.

In the December quarter (Q3FY24), an ace investor, Sangeetha S bought 33,36,900 shares and FIIs bought an additional 1,53,48,927 shares of this company. The combined shareholding of promoters and FIIs represents 62.8%, while the public owns 37.21 per cent.  

Today, shares of BCL Industries Ltd gained 6.68 per cent to an intraday high of Rs 73 per share from its previous closing of Rs 68.38 per share. The stock’s 52-week high is Rs 79.14 and its 52-week low is Rs 38.06.

Earlier, the company and its subsidiary Svaksha Distillery Limited secured ethanol supply contracts worth Rs 561 crore from leading Oil Marketing Companies (OMCs) - BPCL, IOCL, HPCL, and RIL. The total volume committed amounts to a staggering 8.20 crore litres.

According to Quarterly Results, the net sales increased by 6.2 per cent to Rs 480.71 crore and operating profit increased by 467.65 per cent to Rs 48.9 crore in Q2FY24 compared to Q2FY23. The company reported a net profit of Rs 19.67 crore in Q2FY24 compared to Rs 0.82 crore in Q2FY23, an increase of 2,499 per cent.

The net sales increased by 9.7 per cent to Rs 909.38 crore, operating profit increased by 124.3 per cent to Rs 90.16 crore and net profit increased by 132.8 per cent to Rs 39.42 crore in H1FY24 compared to H1FY23

BCL Industries Limited is one of India’s largest agro-processing manufacturing companies with diverse businesses and vertical integrations. Established in 1976, BCL Industries Limited is engaged in edible oils, rice milling, grain-based distilleries and real estate. It is present in Punjab and West Bengal. BCL Industries Ltd Limited is a part of the Mittal group with a market cap of over Rs 1,900 crore.

The stock gave multibagger returns of 730 per cent in 3 years and a whopping 4,325 per cent in a decade. Investors should keep an eye on this Small-Cap stock.