Multibagger penny stock under Rs 10; Board announced rights issue!
The stock has a PE of 8.21x, a ROE of 37 per cent and a ROCE of 39 per cent.
Seacoast Shipping Services Limited announced that the Board of Directors of the Company held a meeting on Monday, June 12, 2023 and have, inter alia, discussed and approved the following:
The company approved fund raising by way of issuance of equity shares of the face value of Rs 1 each of the company to its eligible equity shareholders on a rights basis (Rights issue) for a value not exceeding Rs 49 crore. The company will soon announce the record date for the rights issue.
After rising nearly 60 per cent in just 1 month, shares of Seacoast Shipping Services Limited are undergoing a correction and have hit the lower circuit. On Monday, shares of Seacoast Shipping Services Limited plunged 5 per cent to Rs 4.83 per share from its previous closing of Rs 5.08. The 52-week high of the stock is Rs 6.18 and the 52-week low of Rs 2.05.
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Seacoast Shipping Services Limited is providing single-window logistics services to exporters and importers. The company has a market cap of Rs 162.61 crore with a 3-year CAGR of 55 per cent. The stock has a PE of 8.21x, a ROE of 37 per cent and a ROCE of 39 per cent.
According to the financials, the net sales increased by 448.64 per cent to Rs 115.50 crore in Q4FY23 over Q4FY22. The company reported a net profit of Rs 2.77 crore in Q4FY23 compared to a net loss of Rs 2.30 crore in Q4FY22. The net sales skyrocketed by 236.12 per cent and the net profit skyrocketed by 458.94 per cent in FY23 over FY22.
The stock gave multibagger returns of over 250 per cent in just 3 years. Investors should keep an eye on this micro-cap stock.