Stock under Rs 100: This micro-cap company forms a 50:50 LLP with IGR Metals Trading DMCC; share jumps 17 per cent!
The stock is trading at 0.87 times its book value of Rs 85.4 each.
On Friday, one of the Top Gainers on BSE, shares of AuSom Enterprise Limited jumped 17.80 per cent to an intraday high of Rs 81.05 per share from its previous closing of Rs 68.80. The shares of the company saw a spurt in volume by more than 3.40 times on BSE.
The sudden rise in the stock price was due to a new announcement made by the company. The company informed that AuSom Enterprise Limited and IGR Metals Trading DMCC a Dubai-based company, have incorporated LLP with the name, "IGR AUSOM LLP". The said LLP was incorporated on July 31, 2019, and in said LLP both the companies are holding a 50:50 capital and profit-sharing ratio. We would further like to inform you that the company is in the process of executing an LLP Agreement pursuant to the requirements of the Limited Liability Partnership Act, 2008.
IGR Ausom LLP is incorporated with an object to build up, own and operate a gold refinery in India with an object to refine precious metals by purchasing gold and silver dore, bar, scrap and grain locally or imported into India and to sell products in India locally or export finished product.
Ausom Enterprise Ltd is principally engaged in the business of trading in commodities like gold, silver, diamonds, bullions, gold jewellery, derivatives, shares, units of mutual funds and securities. It is also engaged in manufacturing gold jewellery. The company has a market cap of over Rs 100 crore.
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The stock is trading at 0.87 times its book value of Rs 85.4 each. The company has been maintaining a healthy dividend payout of 28.8 per cent.
The stock gave multibagger returns of 150 per cent in just 3 years and over 1,000 per cent in 1 decade. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.