Under Rs 30: Multibagger penny stock with 6,600 per cent returns; Rockets 16 Per Cent with Heavy Volume Today Post Business Expansion Update!
The shares of the company saw a spurt in volume by more than 8 times on BSE with a total of 1,55,00 quantity traded.
Today, shares of Lorenzini Apparels Ltd rocketed over 16 per cent to Rs 27.50 per share from its previous closing of Rs 23.70 per share. The stock’s 52-week high is Rs 33.02 while its 52-week low is Rs 12.03. The shares of the company saw a spurt in volume by more than 8 times on BSE with a total of 1,55,00 quantity traded.
Lorenzini Apparels Ltd., established in 2007, designs, manufactures, and markets ready-made garments for men and women through their own "Monteil" brand, offering formal, semi-formal, and casual wear, both in their exclusive stores and online, while also utilising third-party contractors for some garment production. The company has a market cap of over Rs 400 crore.
Lorenzini Apparels Ltd is planning to open a new franchisee store at “Shop No. 02 Kishan Vilas Didwana Road Kuchaman City, Jaipur, Rajasthan-341508” to expand the business.
Earlier, The company's board approved the conversion of 2,47,230 warrants held by Pearl Dealers Private Limited into 24,72,300 equity shares upon receiving Rs 3.75 crore (75 per cent of the issue price) post-stock split. This follows the preferential allotment of 10,38,371 warrants at Rs. 202.24 each, with the remaining 75 per cent payment due for conversion. Additionally, 13,48,527 bonus equity shares were allotted, reserving a portion for potential conversion of remaining warrants.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Furthermore, to make Lorenzini Apparels Ltd stock more accessible to investors and increase its trading activity, the company enacted a stock split and bonus share issuance on March 28, 2024. Existing shares with a face value of Rs 10 were subdivided into 10 shares with a face value of Rs 1 each. Additionally, shareholders on the record date received 6 bonus shares (Rs 1 each) for every 11 existing shares (Rs 10 each) they owned, essentially growing their total shareholding. This manoeuvre also expanded the company's authorized share capital from Rs 11,70,00,000 to Rs 17,30,00,000.
According to the Quarterly Results, the company reported net sales of Rs 9.97 crore and a net profit of Rs 0.32 crore in Q4FY24. The net sales increased by 24 per cent to Rs 54.76 crore and net profit skyrocketed by 110 per cent to Rs 5.30 crore in FY24 over FY23. The stock gave multibagger returns of 115 per cent in 1 year, 1,275 per cent in 2 years and a whopping 6,600 per cent in 5 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Vijay Kedia sold 40,00,000 shares and FIIs & DIIs increase stake in this Anil Ambani-backed Reliance Group infra stock; Scrip gains over 10 per cent!