Multibagger penny stock under Rs 15 eyes fund raise post stellar quarterly results; scrip up by 150 per cent in just 1 year!

The net sales increased by 3,110 times to Rs 93.31 crore and net profit skyrocketed 9,500 per cent to Rs 0.94 crore in Q1FY24 compared to Q1FY23.

GI Engineering Solutions Ltd informed that a meeting of The Board of Directors of the company is scheduled to be held on Saturday, August 19, 2023, at the registered office of the company, inter-alia, to transact the following businesses:

1) To augment the long-term financial resources of the Company, fundraising, by way of issue of securities, convertible instruments, or any other method or combination thereof, for cash or otherwise, and to appoint requisite intermediaries required for this purpose.

2) To seek members’ approval by means of passing the requisite resolution(s) for the above-said today’s board decision and decisions taken in the board meeting held on August 12, 2023, i.e., alteration in the ‘Object Clause’ of Memorandum of Association, change the name of the Company from “GI Engineering Solutions Limited” to “Teamo Productions HQ Limited” and consequent alteration in the ‘Name Clause’ of Memorandum and Articles of Association of the Company and appointment of Directors and other matters connected therewith and/or incidental thereto.

3) to consider and approve any other item(s) with the permission of the Chair.

GI Engineering Solutions Ltd provides information technology, engineering and related services. The company has a market cap of Rs 91 crore with a 3-year stock price CAGR of 75 per cent.

According to the Quarterly Results, the net sales increased by 3,110 times to Rs 93.31 crore and net profit skyrocketed 9,500 per cent to Rs 0.94 crore in Q1FY24 compared to Q1FY23.

Today, shares of GI Engineering Solutions Ltd were locked in 2 per cent upper circuit to Rs 10.78 per share from its previous closing of Rs 10.57.

The stock gave multibagger returns of 105 per cent in just 6 months and over 150 per cent in 1 year. Investors should keep an eye on this micro-cap stock.

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