Ashish Kacholia buys 2,20,36,118 shares of this multibagger penny under Rs 40; Scrip hit 52-week high on October 10, 2024
The stock gave multibagger returns of 225.8 per cent from its 52-week low of Rs 10.71 per share.
On Thursday, one of the Top Gainers on BSE, shares of this multibagger penny stock gained 8.52 per cent and made a new 52-week high of Rs 34.89 per share from its previous closing of Rs 32.15 per share with a spurt in volume by more than 2 times on BSE. The stock gave multibagger returns of 225.8 per cent from its 52-week low of Rs 10.71 per share.
The stock name is JYOTI STRUCTURES LIMITED.
The sudden rise in the stock price was due to an ace investor - Ashish Kacholia took a fresh entry and brought 2,20,36,118 shares in September 2024. Additionally, FIIs increased their stake to 1.86 per cent in September 2024 compared to 0.62 per cent in June 2024.
Established in 1974, Jyoti Structures Limited is a leading power transmission company headquartered in Mumbai, India. They specialize in turnkey projects for transmission lines, substations and distribution systems, offering a comprehensive range of services from design and manufacturing to construction globally. Jyoti Structures Limited is one of the few EPC service providers with the capability to execute entire power transmission projects. Jyoti Structures Ltd has a market capitalization of over Rs 3,000 crore.
Earlier, the company secured two significant orders. The first is a Rs 105.57 crore contract from a leading private developer for the supply of towers for a 765 kV transmission line in Gujarat. The second order, valued at Rs 117.74 crore, is from Adani Energy Solutions Limited for the construction and partial supply of a 765 kV transmission line in Gujarat. This project, part of the Khavda Phase IV-Part A initiative, is expected to be completed by October 31, 2025.
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Results: The net sales decreased by 52.1 per cent to Rs 88.29 crore while net profit increased by 107 per cent to Rs 5.09 crore in Q1FY25 compared to Q1FY24. In its annual results, the net sales increased by 96.9 per cent to Rs 451.38 crore in FY24 compared to Rs 229.23 crore in FY23. The company reported a net profit of Rs 28.86 crore in FY24 compared to a net loss of Rs 4.07 crore in FY23, an increase of 809 per cent.
Rights Issue Update: The company’s rights issue was subscribed 2.07 times. This means the company received applications for Rs 361.66 crore worth of shares, exceeding the targeted issue size of Rs 174.63 crore. Jyoti Structures will retain the targeted amount and refund the excess to investors. This strong investor response has increased the company's number of shares by over 11.64 crores and its paid-up share capital by Rs 23.28 crores.
Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.