From Rs 31.02 to Rs 2,067.75 per share: Debt-Free Multibagger Stock Hit Back-to-Back Upper Circuits & 52-Week Highs; Here’s Why
The stock gave multibagger returns of 6,566 per cent in just 1 year and a whopping 27,850 per cent in 3 years.
On Monday, the shares of Eraaya Lifespaces Limited were locked in a 5 per cent upper circuit to Rs 2,067.75 per share from its previous closing of Rs 1,969.30. The stock also made a fresh 52-week high of Rs 2,067.75 per share and its 52-week low is Rs 28.98 per share. stock. In the recent trading sessions, the stock has been hitting back-to-back upper circuits & 52-week highs. The stock gave multibagger returns of 6,566 per cent in just 1 year and a whopping 27,850 per cent in 3 years.
The Board of Directors of Eraaya Lifespaces Limited is scheduled to meet on September 27, 2024, in New Delhi. The agenda includes reconstituting the Board, KMPs and core team to align leadership with post-acquisition strategic objectives, enhancing operational efficiency and infusing the organization with critical expertise for seamless integration and sustainable growth. The Board will also nominate directors and officers for Ebix Inc. and its global subsidiaries, implement employee stock ownership plans, sweat equity programs and share appreciation rights schemes, appoint internal auditors to ensure compliance and enhance operational efficiency, appoint an external expert group to provide unbiased oversight and strategic guidance and constitute an advisory board consisting of distinguished industry leaders to serve as a strategic resource for the company.
Earlier, Ebix Inc., a global software and e-commerce provider, successfully exited bankruptcy and was acquired by Eraaya Lifespaces Ltd. This acquisition marks a significant milestone for Ebix as it becomes debt-free and can focus on expanding its operations. Despite the bankruptcy filing, Ebix continued to function without interruption and Eraaya's investment will not affect the company's day-to-day activities. Ebix is poised to expand its operations, leveraging its expertise in software development, distribution and global regulatory compliance. The company aims to attract more investors from around the world. A high-level steering committee has been formed to oversee Ebix's operations and Eraaya raised Rs 1,028.7 crore through a preferential issue of compulsorily convertible warrants to strengthen its financial position
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About Eraaya Lifespaces Limited: As a premier lifestyle and hospitality company, Eraaya Lifespaces is dedicated to crafting unforgettable moments that blend luxury with India's rich heritage. The company portfolio offers a diverse range of experiences, from exquisite events and innovative content to luxurious accommodations and immersive cultural encounters. Eraaya is seeking to thrive, expansion beyond its current scope as a strategic option embracing new business fields presents a promising avenue for growth, diversification and sustained relevance in an ever‐evolving market. Eraaya has set its sights on exploring new business fields, driven by a vision to expand its horizons and unlock fresh opportunities via mergers and acquisitions of a varied bunch of businesses.
The company has a market cap of Rs 3,284 crore with a 3-year stock price CAGR of 520 per cent with debt-free status. According to Quarterly Results, the company reported net sales of Rs 2 crore in Q1FY25 and net profit increased by 1,887.5 per cent to Rs 0.95 crore in Q1FY25 compared to a net profit of Rs 0.05 crore in Q1FY24. In its annual results, the net sales increased by 1,52,311 per cent to Rs 297.20 crore and net profit increased by 341.6 per cent to Rs 0.34 crore in FY24 over FY23.
Disclaimer: The article is for informational purposes only and is not investment advice.