Porinju Veliyath allotted 87,000 equity shares on preferential basis in multibagger micro-cap gem!

Porinju Veliyath's ownership stood at an impressive 336,000 shares, equating to 3.18 per cent of the company's shares

In a resounding crescendo to Thursday's trading session, Indian benchmark indices concluded on a resolute note, with the Nifty and Sensex registering impressive gains of 0.66 per cent and 0.69 per cent, respectively. The entire spectrum of sectoral indices painted a verdant picture, with Nifty Realty stealing the limelight by surging nearly 6.8 per cent. The broader market indices, Nifty Mid-Cap and Small-Cap, ascended to unprecedented heights, adding to the jubilant atmosphere.

Amidst this ebullient market fervor, a noteworthy development emerged, revolving around a micro-cap gem embraced by seasoned investors. Kerala Ayurveda Ltd, a venerable entity in the ayurvedic domain since its inception in 1945, garnered attention. This stalwart is not merely a provider of ayurvedic services and products but a purveyor of healing and wellness solutions.

Intriguingly, the spotlight intensified as it was revealed that the company had issued equity shares on a preferential basis to none other than Porinju Veliyath. The esteemed investor acquired a substantial stake of 87,000 shares at a price of Rs 230 per share. As of the quarter ending September 2023, Porinju Veliyath's ownership stood at an impressive 336,000 shares, equating to 3.18 per cent of the company's shares.

Delving into the stock's performance, the numbers tell a compelling story. Over the past three years, the stock has exhibited commendable resilience, delivering a robust return of approximately 76 per cent. However, the real stunner lies in its one-year performance, where it has notched up multibagger returns, soaring to an astounding 145 per cent. Dheeraj Kumar Lohia, another discerning investor, holds a notable 2.27 per cent of the company's shares.

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