Multibagger penny stock at Rs 49 & FIIs increase stake: This auto company reports a 39.15 per cent jump in net profit & allocated warrants into equal number of equity shares
The stock gave multibagger returns of 277 per cent from its 52-week low of Rs 13.10 per share.
Pritika Auto Industries Ltd announced Quarterly Results and nine-month results for the financial year 2023-2024. Here are the details: According to its quarterly results, the company reported net sales of Rs 70.83 crore in Q3FY24 while it reported net sales of Rs 77.82 crore in Q3FY23 while the net profit increased by 39.15 per cent to Rs 3.98 crore in Q3FY24 compared to Rs 2.86 crore in Q3FY23.
In its nine-month results, the company reported net sales of Rs 259.51 crore in 9MFY24 while it reported net sales of Rs 273.86 crore in 9MFY23 while the net profit increased by 9.76 per cent to Rs 14.26 crore in 9MFY24 compared to Rs 12.99 crore in 9MFY23.
After rising nearly 110 per cent over the period of 6 months, shares of Pritika Auto Industries Ltd are undergoing a correction and have hit the lower circuit for the second straight day. Today, shares of Gautam Pritika Auto Industries Ltd plunged 52 per cent to Rs 22.4549 per share from its previous closing of Rs 23.60. The 52-week high of the stock is Rs 2654.33 and the 52-week low of Rs 7.5313.10.
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The Board of Directors of the company considered and approved the allotment of equity shares on conversion of 10,27,000 warrants into 10,27,000 equity shares of the face value of Rs 2 each at an issue price of Rs 19 each (including a premium of Rs 17 each), to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs 1,46,34,750 at the rate of Rs 14.25 per warrant (being 75 per cent of the issue price per warrant).
In January 2023, FIIs increased their stake to 4.90 per cent compared to 2.41 per cent in December 2023. The company has a market cap of Rs 449.28 crore. In its annual results, net sales increased by 24 per cent to Rs 362 crore and net profit increased by 15 per cent to Rs 16 crore in FY23 over FY22.
The stock gave multibagger returns of 277 per cent from its 52-week low of Rs 13.10 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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