LIC’s portfolio gains Rs 36,71,933 from this multibagger penny stock under Rs 10 in just 1 day; Company announces bonus share and expands into beer & whiskey production!
The stock gave multibagger returns of 375 per cent in just 2 years and a whopping 1,080 per cent in 3 years.
In a historic start, the BSE Sensex surpassed 71,900 and the NSE Nifty-50 breached 21,600, marking all-time highs for both indices. The FMCG sector, led by Varun Beverages, also reached new heights, crossing 20,000 for the first time. However, Andrew Yule & Company Ltd dragged down the overall sentiment, ending as the top loser.
Along with the market at its peak, a multibagger penny stock from the FMCG sector backed by the Life Insurance Corporation of India (LIC) skyrocketed. Heavy buying since pre-market on BSE sent volume soaring over 2 times and the price surging 14.55 per cent to Rs 6.30, up from Rs 5.50.
The stock name is Integra Essentia Ltd.
Integra Essentia Ltd is in the business of life essentials viz., food, clothing, infrastructure and energy. The company has a market cap of Rs 290 crore.
As of September 30, 2023, LIC owns 48,59,916 shares or 1.06 per cent. As of today’s intraday, high, the stock has gained 0.80 points. Therefore 48,59,916 shares x 0.80 = Rs 36,71,933 in just 1 day.
Integra Essentia has bolstered its presence and expanded into the beer & whiskey production market by acquiring a majority stake in Brewtus Beverages, transforming it into a subsidiary and committing initial investment for growth. This move aligns with the company's strategic focus on expanding its lifestyle beverages business and capitalizing on the promising market potential.
The company will issue bonus shares in the ratio of 1:1, meaning that for every 1 equity share of Rs 1 held by an eligible shareholder on the record date, the shareholder will receive 1 additional bonus share of Rs 1. The record date to determine eligible shareholders will be announced separately.
Results: The company's consolidated financial performance improved significantly in Q2FY24 and H1FY24 compared to the same periods in the previous fiscal year. The company's revenue grew by 17.11 per cent in Q2FY24 and 7.79 per cent in H1FY24. EBITDA increased by 420.98 per cent in Q2FY24 and 407.23 per cent in H1FY24, and PAT increased by 248 per cent in Q2FY24 and 217 per cent in H1FY24.
The stock gave multibagger returns of 375 per cent in just 2 years and a whopping 1,080 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.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.