Heavy buying was witnessed in this multibagger penny stock at Rs 29.58; Hit back-to-back upper circuits

The stock gave multibagger returns of 163.5 per cent from its 52-week low of Rs 11.22 per share.

On Monday, shares of Catvision Ltd were locked in a 10 per cent upper circuit to Rs 29.58 per share from the previous closing of Rs 26.88. The stock gave multibagger returns of 163.5 per cent from its 52-week low of Rs 11.22 per share. In the recent trading sessions, the stock has been hitting back-to-back upper circuits with a spurt in volume by more than 1.01 times on BSE. The company has a market cap of Rs 16.12 crore.

In the recent trading sessions, the stock has been hitting back-to-back upper circuits because Catvision Limited has secured a significant win with the Ministry of Information and Broadcasting (Government of India) approving their application to downlink and broadcast the "ABC Australia" Channel. This channel is operated by the Australian Broadcasting Corporation, an entity of the Australian Government. This approval grants Catvision Limited exclusive rights to broadcast the "ABC Australia " Channel in India for the next 10 years. This agreement is expected to be a major revenue generator for Catvision Limited, bringing in USD 1,18,896 (approximately Rs 1,00,00,000 per annum).

Further details of the agreement reveal that Catvision Limited has successfully agreed with the Australian Broadcasting Corporation to secure these exclusive broadcasting rights. It's important to note that this agreement is with an international entity (Australian Government entity) and there is no involvement of the Promoter/Promoter Group or Group Companies of Catvision Limited with the Australian Broadcasting Corporation. The agreement itself is for broadcasting purposes and is not considered a related party transaction.

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About the Company

Catvision Ltd, founded in 1985, is an Indian company that designs, manufactures, and sells equipment for cable television (CATV), satellite master antenna television (SMATV), and internet protocol television (IPTV). They also provide related services like channel marketing.

Operating across India and internationally, Catvision has four main divisions: Cable TV & GPON offering internet and networking solutions, Hospitality supplying pay TV services to hotels and equipment to institutions, Channel Distribution bringing foreign channels to various operators & Online Sales featuring consumer electronics and internet-of-things products. Their product portfolio includes digital headends, set-top boxes for cable and satellite TV, fibre-to-the-home (FTTH) solutions, hybrid fibre-coax (HFC) equipment, pay TV services, and international channel distribution. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.