1:1 Bonus Share: Heavy buying witnessed in this LIC-backed multibagger penny stock; scrip hit 10 per cent upper circuit on January 08
The stock gave multibagger returns of 720 per cent in just 2 years and a whopping 2,775 per cent in 3 years.
While both major Indian indices, Sensex and Nifty-50, dipped over 0.5 per cent in a lacklustre trading session, a surprise multibagger from the FMCG sector, backed by insurance giant LIC, defied the trend. This penny stock skyrocketed 60 per cent in just 8 days, hitting its daily upper limit of Rs 11.78. Trading volume surged 1.60 times on the BSE, hinting at a significant investor frenzy surrounding this underdog success story. Despite the overall market slump, this unexpected breakout adds a touch of excitement to the day's trading activities.
In a shareholder-rewarding move, the company announced a generous 1:1 bonus share issue, doubling shareholdings for each eligible shareholder on the record date of January 11, 2024. This exciting news, further bolstered by the company's 1.06 per cent stake held by insurance giant LIC, adds to the overall positive sentiment surrounding the company.
The multibagger penny stock name is Integra Essentia Ltd.
Integra Essentia, a diversified player in life essentials (food, clothing, infrastructure, and energy) with a market cap of Rs 538.38 crore, has strategically entered the promising beer & whiskey market by acquiring a majority stake in Brewtus Beverages. This move, involving subsidiary formation and initial growth investment, aligns with Integra Essentia's focus on expanding its lifestyle beverages business and capitalizing on market potential.
The company's consolidated financial performance improved significantly in Q2FY24 and H1FY24 compared to the same periods in the previous fiscal year. The company's revenue grew by 17.11 per cent in Q2FY24 and 7.79 per cent in H1FY24. EBITDA increased by 420.98 per cent in Q2FY24 and 407.23 per cent in H1FY24, and PAT increased by 248 per cent in Q2FY24 and 217 per cent in H1FY24.
The stock gave multibagger returns of 720 per cent in just 2 years and a whopping 2,775 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.
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