Heavy Buying Alert: Cable Penny Stock Under Rs 15 Jumps Over 9 Per Cent; Do You Own It?
At the closing bell, shares of the company were trading at Rs 10.52 per share, up 5.84 per cent with 2,67,035 changed hands on BSE.
On Wednesday, shares of Aksh Optifibre Ltd gained 9.4 per cent to an intraday high of Rs 10.14 per share from its previous closing of Rs 9.94. The stock’s 52-week high is Rs 15.85 and its 52-week low is Rs 7.84. At the closing bell, shares of the company were trading at Rs 10.52 per share, up 5.84 per cent with 2,67,035 changed hands on BSE.
Aksh Optifibre Limited: Recent Developments
Agreement for Assignment of Usufruct
Aksh Optifibre Limited's subsidiary, AOL FRP, has entered into an agreement with Oriental Group FZE to sell usufruct rights to buildings and structures in JAFZA, Dubai. The sale proceeds, amounting to AED 5.20 million (approximately Rs 1,188 lakh), will be used to repay outstanding bank debts. The agreement was executed on October 17, 2024, following approval from relevant authorities.
One-Time Settlement with HDFC Bank
Aksh Optifibre Limited has received confirmation from HDFC Bank Limited regarding the acceptance of its one-time settlement (OTS) proposal. Under the agreement, the company will pay Rs 2,559.78 lakh to settle its total loan liability of Rs 3,556.00 lakh. This settlement amount must be paid within 90 days from the date of OTS approval.
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Notice for Recalling Facilities from Union Bank of India
The company has received a notice from Union Bank of India (UBI) recalling facilities worth Rs. 50.66 crores. This development indicates potential financial challenges for Aksh Optifibre Limited.
Aksh Optifibre Limited (AOL) produces a wide range of products, including optical fibre, optical fibre cable, fibre-reinforced plastic rods, impregnated glass roving reinforcement, and ophthalmic lenses. AOL caters to both domestic and international markets and also provides e-governance services, smart city/turnkey solutions, and FTTH.
The stock is up by 34.2 per cent from its 52-week low of Rs 7.84 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.