Promoters sold 8,30,007 shares of this low PE penny stock under Rs 15; Board announces rights issue of equity shares not exceeding Rs 8 crore!
The stock is up by 26 per cent from its 52-week low of Rs 8.47 per share with a PE of 7x whereas the industry PE is 38x.
Jonjua Overseas Limited (JOL) has announced key decisions made at its Board meeting held on August 12, 2024.
The company is proposing to significantly increase its authorised share capital from Rs 8 crore to Rs 16 crore. This proposed change requires the approval of shareholders at the upcoming Annual General Meeting. Additionally, the Board has approved modifications to the company's Articles of Association, specifically Clause 13(i) and (ii), to provide more flexibility in calling upon unpaid share amounts.
Furthermore, JOL has unveiled plans for a rights issue to raise up to Rs 8 crore by offering new equity shares to existing shareholders. The specific details of the rights issue, including the issue price, share allotment ratio, and record date, will be determined by the Board or a designated Rights Issue Committee. This process will adhere to regulations set forth by the Securities and Exchange Board of India and the Companies Act, 2013.
Jonjua Overseas Ltd is an Indian company involved in various sectors, including service exports, corporate consultancy, agriculture, and the sale of printed books. The company offers services such as service exports, printing of books, agriculture, and domestic service sales. The company has a market cap of Rs 8.44 crore. According to the financials, the company reported positive numbers in its half-yearly results (H2FY24) and annual results (FY24).
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On Wednesday, shares of Jonjua Overseas Ltd gained 1.43 per cent to Rs 10.65 per share from its previous closing of Rs 10.50 with an intraday high of Rs 10.65 and an intraday low of Rs 10.65. The stock’s 52-week high is Rs 21.45 and its 52-week low of Rs 8.47. The stock is an SME stock having a lot size of 4,082 shares and currently trading at 0.88 times its book value.
The stock is up by 26 per cent from its 52-week low of Rs 8.47 per share with a PE of 7x whereas the industry PE is 38x. Investors should keep an eye on this micro-cap IT stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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