Multibagger penny stock under Rs 35 with 6,550 per cent returns, hit 52-week high: Company received In-principle approval for listing of 38,20,827 equity shares!
The stock gave multibagger returns of 110 per cent in 1 year, 1,225 per cent in 2 years and a whopping 6,650 per cent in 5 years.
Today, shares of Lorenzini Apparels Ltd surged 10 per cent to Rs 33.52 per share from its previous closing of Rs 30.57 per share. The stock also made a fresh 52-week high of Rs 33.52 while its 52-week low is Rs 14.45.
The company informed that they has received the In-principle approval for the listing of 38,20,827 equity shares under the conversion of warrants issued on a preferential basis from the National Stock Exchange of India Limited.
Earlier, Lorenzini Apparels Ltd announced the company is planning to open a new franchisee store at “Shop No. 02 Kishan Vilas Didwana Road Kuchaman City, Jaipur, Rajasthan-341508” to expand the business.
Furthermore, to make Lorenzini Apparels Ltd stock more accessible to investors and increase its trading activity, the company enacted a stock split and bonus share issuance on March 28, 2024. Existing shares with a face value of Rs 10 were subdivided into 10 shares with a face value of Rs 1 each. Additionally, shareholders on the record date received 6 bonus shares (Rs 1 each) for every 11 existing shares (Rs 10 each) they owned, essentially growing their total shareholding. This manoeuvre also expanded the company's authorized share capital from Rs 11,70,00,000 to Rs 17,30,00,000.
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Lorenzini Apparels Ltd., established in 2007, designs, manufactures, and markets ready-made garments for men and women through their own "Monteil" brand, offering formal, semi-formal, and casual wear, both in their exclusive stores and online, while also utilising third-party contractors for some garment production. The company has a market cap of over Rs 500 crore.
According to the Quarterly Results, the company reported net sales of Rs 9.97 crore and a net profit of Rs 0.32 crore in Q4FY24. The net sales increased by 24 per cent to Rs 54.76 crore and net profit skyrocketed by 110 per cent to Rs 5.30 crore in FY24 over FY23. The stock gave multibagger returns of 110 per cent in 1 year, 1,225 per cent in 2 years and a whopping 6,650 per cent in 5 years. 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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