1,300 per cent returns: This multibagger penny stock under Rs 40 announces retail expansion with Barcelona!
The stock gave multibagger returns of 200 in just 1 year, 960 per cent in 2 years and a whopping 1,365 per cent returns in 3 years.
Yarn Syndicate Limited (YSL) - a BSE listed Company, is a merchant exporter and trader and is fully involved in the export and trading of various types of yarn, raw cotton and fabrics, announced that the company acquired a 51 per cent stake in Stitched Textiles Limited, valued at Rs 38 crore to Rs 39 crore.
Barcelona- brand of Stitched Textiles Limited- is India’s leading men’s wear fashion brand, having an extensive presence with more than 100 stores countrywide. Due to its strong retail presence at the PAN India level, YSL has planned to expand its business by entering into the retail segment with the goodwill of Stitched Textiles Limited.
Moreover, as Stitched Textiles Limited has its joint venture with Viru Retail Private Limited i.e., VS-by Virendra Sehwag; it will be of no surprise that YSL booms into the retail sector in the coming time.
To implement this ambitious plan, YSL's promoters are planning to raise funds through a rights issue, which may dilute their stake. They have carefully considered this fundraising plan to make the company debt-free, meet all its banking obligations, and achieve its retail expansion goals in one go.
This is another step forward for the company on its growth journey. Looking ahead, there are attractive opportunities across all of its businesses. This plan will help YSL scale up and deliver higher, more sustainable returns.
YSL shares experienced wild swings on Tuesday. The stock opened in the upper circuit, up 5 per cent to Rs 39.65 per share from the previous closing price, but quickly fell and ended the day down 5 per cent to Rs 35.89 per share.
The stock gave multibagger returns of 200 in just 1 year, 960 per cent in 2 years and a whopping 1,365 per cent returns 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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