Upper circuit & 52-week high alert: Promoter bought 40,00,000 shares and FIIs bought 95,00,000 shares of this multibagger penny stock at Rs 37 via preferential issue!
The stock gave multibagger returns of over 180 per cent from its 52-week low of Rs 13.10 per share
Today, one of the Top Gainers on BSE, shares of Bhatia Communications & Retail Ltd gained 5 per cent to Rs 33.63 per share from its previous closing of Rs 32.03. The stock also made a 52-week high is Rs 33.63 and its 52-week low is Rs 13.10.
Bhatia Communications & Retail (India) Ltd is engaged in the retail and wholesale distribution business of mobile handsets, tablets, data cards, mobile accessories, mobile-related products, home appliances and other electronic items.
To accelerate business growth further and to augment the long-term financial resources of the company through the raising of funds, aggregating amounts of up to Rs 36,48,15,000, by way of creating, issuing and allotting up to 1,65,00,000 warrants convertible into Equity Shares having face value of Rs 1 each, to the persons belonging to ‘Promoters and Public Category’. The promoter of the company (Sanjeev Harbanslal Bhatia) bought 40,00,000 shares and FIIs (Forbes EMF & Aries Opportunities Fund Limited) bought 95,00,000 shares.
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Results: According to the Quarterly Results, the net sales increased by 20.4 per cent to Rs 116.79 crore and the net profit increased by 1.2 per cent to Rs 2.49 crore in Q3FY24 compared to Q3FY23. According to the nine-month results, the net sales increased by 31.3 per cent to Rs 314.23 and the net profit increased by 51.5 per cent to Rs 8.53 crore in 9MFY24 compared to 9MFY23. According to its annual results, the net sales increased by 34.27 per cent to Rs 313.48 crore and net profit increased by 61 per cent to Rs 8.48 crore in FY23 compared to FY22.
The company has strong partnerships with various companies like Apple, One Plus, Samsung, Vivo, Oppo, Realme, Mi, Motorola, Techno, Nothing, Noise, Boat, HP, Lenovo, Fire Boltt, etc. The company has an average of 8 to 10 lakhs of capex per store with 172 stores across India (160 owned and 12 franchise). The stock gave multibagger returns of over 180 per cent from its 52-week low of Rs 13.10 per share and investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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