Ashish Kacholia bought 1,80,00,000 shares of multibagger penny stock: Board announces rights issue; scrip hit upper circuit & 52-week high!

The stock is up by 76 per cent in just 3 months and gave multibagger returns of 414 per cent in 3 years.

Indian stock markets closed higher on Friday, December 1, 2023, with both major indices ending in positive territory. The BSE Sensex gained 0.74 per cent, settling at 67,481.2, while the NSE Nifty-50 rose 0.67 per cent to close at 20,267.9. Out of the 3,872 total stocks traded on the BSE, 2,109 saw their prices increase, while 1,638 declined, and 125 remained unchanged.

Along with the market in green, this multibagger penny stock defied the trend and surged by a 2 per cent upper circuit to reach Rs 18.05 per share. In recent trading sessions, the stock has been hitting back-to-back upper circuits. The stock also made a new 52-week high of Rs 18.05 with a spurt in volume by more than 1.76 times on BSE.
The company is planning a rights issue of equity shares to raise up to Rs 175 crore. Eligible shareholders will have the opportunity to purchase new shares at a price and on terms to be determined. This will strengthen the company's financial position, allow it to pursue new opportunities and business expansion. Existing shareholders will have the chance to participate and potentially increase their ownership stake. More details will be announced later.

A big fish of the market, Ashish Kacholia just took a bite out! He gobbled up 1,80,00,000 warrants at Rs 13.20 each, investing a cool Rs 23.76 crore. Looks like he has faith in the future!

The penny stock is none other than JYOTI STRUCTURES LTD.

Jyoti Structures Limited was incorporated in 1974. The company is engaged in electricity, transmission, distribution and substation. The registered office of the Company is in Mumbai.
Jyoti Structures, a micro-cap company with a market capitalization of Rs 1,145.32 crore, saw its net sales skyrocket 487 per cent to Rs 81.46 crore in Q2FY24 compared to Q2FY23. This remarkable turnaround was further emphasized by a swing from a net loss of Rs 4.03 crore in the previous quarter to a net profit of Rs 11.20 crore in Q2FY24.

The company's annual results were equally impressive, with net sales surging 5,123 per cent to Rs 229.23 crore in FY23 compared to FY22. While FY23 saw a net loss of Rs 4.07 crore, it was a significant improvement from the Rs 42.47 crore net loss in FY22.

The stock is up by 76 per cent in just 3 months and gave multibagger returns of 414 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.