Penny stock up over 10 per cent: Dream Achiever Consultancy Services Pvt Ltd acquired 1,37,44,967 shares via open offer of this micro-cap investment company!
The stock is up 38 per cent from its 52-week low of Rs 18 and gave multibagger returns of over 300 per cent in 3 years.
The Indian stock market witnessed a decline today, with the benchmark BSE Sensex Index falling by 0.33 per cent to close at 71,265. About 1,208 shares have advanced, 2,337 declined and 152 are unchanged on the BSE.
Though the market was in red, this penny stock gained 12.31 per cent to an intraday high of Rs 24.99 per share. The stock’s 52-week high is Rs 32.65 and its 52-week low is Rs 18. The shares of the company saw a spurt in volume by more than 4.5 times on BSE. At 11:30 am, shares of the company were trading at Rs 23.63 per share, up 6.20 per cent.
The penny stock is BLB Ltd.
BLB Ltd., founded in 1981, is a corporate stockbroker within the BLB group specializing in "jobbing and arbitrage" (trading securities for small and immediate profits) and broader investment activities across shares, securities, and commodities.
The sudden rise in the stock price was due to Dream Achiever Consultancy Services Pvt Ltd acquiring 1,37,44,967 shares via an open offer of this micro-cap investment company at Rs 22.60 per share aggregating to Rs 31,06,36,254.20.
Recently, the company announced its Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the fiscal year 2024. According to the quarterly results, the net sales increased by 76 per cent to Rs 44.35 crore and net profit increased by 20.3 per cent to Rs 1.48 crore in Q3FY24 compared to Q2FY24. The company's net profit surged 31.5 per cent to Rs 4.97 crore in the first nine months, driven by a strong showing in net sales of Rs 109.3 crore.
The company has a market cap of Rs 125 crore with a 3-year stock price CAGR of 60 per cent. According to the shareholding pattern as of September 2023, the promoters of the company own a 45.35 per cent stake, FIIs own 4.88 per cent and the rest of the stake is owned by the general public i.e. 49.77 per cent. The stock is up 38 per cent from its 52-week low of Rs 18 and gave multibagger returns of over 300 per cent in 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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