Promoters bought 50,00,000 shares: Heavy buying in this penny stock at Rs 75; jumps over 18 per cent & hit a new 52-week high!
The stock gave multibagger returns of over 250 per cent from its 52-week low of Rs 20.60 per share.
On Wednesday, shares of Captain Polyplast Ltd zoomed 18.13 per cent to make a new 52-week high of Rs 75 per share from its previous closing of Rs 63.49. At the closing bell, shares of the company were trading at Rs 72.68 per share, up 14.47 per cent with a spurt in volume by more than 4.6 times on BSE.
The company has announced that its board of directors will meet on August 14, 2024, to review and approve the unaudited financial results for the quarter ending June 30, 2024, for both the standalone and consolidated entities. This notification complies with SEBI Listing Regulations.
Captain Polyplast Ltd is a manufacturing company established in 1997 with a primary focus on advanced micro-irrigation technologies. Leveraging German and Israeli expertise, the company produces drip and sprinkler irrigation systems, offering a comprehensive range of products including laterals, fittings, valves, filters, and more. With a robust distribution network spanning 16 Indian states through 750+ dealers, Captain Polyplast caters to both individual farmers and larger entities like GGRC, GAIC, and government water boards. Beyond irrigation, the company also engages in polymer-based business activities in partnership with Indian Oil Corporation Ltd.
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According to the annual results, the net sales increased by 31 per cent to Rs 292.32 crore, operating profit increased by 78 per cent to Rs 35.16 crore and net profit increased by 202 per cent to Rs 16.60 crore in FY24 compared to FY23. The company has a market cap of Rs 402.50 crore and has delivered good profit growth of 18.2 per cent CAGR over the last 5 years.
The promoters of the company bought 50,00,000 shares and increased their stake to 69.52 per cent in June 2024 compared to June 2023. The stock gave multibagger returns of over 250 per cent from its 52-week low of Rs 20.60 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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