Rs 2,00,00,00,000 rights issue announced by this multibagger company after reporting a 1,700 per cent jump in net profit in Q1FY24!
The stock gave multibagger returns of 105 per cent in just 6 months and over 250 per cent in 1 year.
Skipper Ltd informed that the Board of Directors have approved the issuance of equity shares of the company for an amount upto Rs 2,00,00,00,000 (Rupees Two Hundred Crores Only) by way of a rights issue to the eligible equity shareholders of the company as on the record date (to be determined and notified subsequently), in accordance with all applicable laws including the Securities and Exchange Board of India Regulations, 2018, as amended, the Companies Act, 2013, at such price and on such terms and conditions as may be decided by the Board or a duly constituted committee of the Board in accordance with applicable laws, subject to receipt of necessary approvals, as may be required.
Earlier, the company announced its stellar Quarterly Results ended June 30, 2023. The net sales increased by 33.41 per cent to Rs 555 crore, the operating profit increased by 71.43 per cent to Rs 60 crore and the net profit skyrocketed 1,700 per cent to Rs 16 crore in Q1FY24 compared to Q1FY23.
Skippers Ltd has a market cap of over Rs 2,000 crore. The net sales increased by 16 per cent to Rs 1,980 crore and net profit increased by 44 per cent to Rs 36 crore in FY23 over FY22.
Skipper Ltd is engaged in manufacturing and selling transmission & distribution structures and pipes & fittings. It also undertakes EPC projects in the infrastructure segment.
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On Thursday, shares of Skipper Ltd surged 1.26 per cent to Rs 197.50 per share with an intraday high of Rs 201.75 and an intraday low of Rs 194.75. The stock's 52-week high is Rs 217.45 and its 52-week low is Rs 56.25.
The stock gave multibagger returns of 105 per cent in just 6 months and over 250 per cent in 1 year. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.