Ashish Kacholia bought 10,45,750 shares: Multibagger penny stock at Rs 78.99, hit upper circuit & 52-week high on September 16

The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 31.10 per share.

The stock market closed in green today. The BSE Sensex Index gained 0.12 per cent to 82,989 and the NSE Nifty-50 Index surged 0.11 per cent to 25,384. Of the 4,201 stocks that traded, 2,151 advances, 1,957 fell and 93 remained unchanged.

Along with the market in green, shares of this micro-cap company were locked in a 5 per cent upper circuit to Rs 78.99 per share from its previous closing of Rs 75.23 per share. The stock also made a new 52-week high is Rs 78.99 and its 52-week low is Rs 31.10.

Before we reveal the stock, let's discuss what's driving its popularity.

The Board has approved the issuance of up to 784,312 fully convertible equity warrants to promoter category persons and up to 4,967,302 equity shares to non-promoter category persons. The warrants are issued at Rs 38.25 each, carrying the right to subscribe to one equity share at the same price. The equity shares are also issued at Rs 38.25 per share.

The total amount to be raised from the equity shares is approximately Rs 18,99,99,301.50, while the total amount to be raised from the warrants is approximately Rs 2,99,99,934. The warrants will be issued in two tranches: 25 per cent of the price will be payable at the allotment, and the remaining 75 per cent will be payable upon the exercise of the option attached to the warrants.

Renowned investor Ashish Kacholia participated in the allotment by purchasing 10,45,750 shares at a price of Rs 38.25 per share, totalling Rs 3,99,99,937.50.

The trending stock name is TEXEL INDUSTRIES LTD.

Texel Industries Ltd, established in 1989, is a leading manufacturer of tarpaulins and geomembranes. The company offers a diverse product range that caters to various industries such as agriculture, horticulture, transportation, aquaculture, water management, waste management, animal husbandry, landscaping and construction. With a strong clientele base that includes prominent names like Hindalco, Orchid Pharma, Oil India Ltd, NTPC, Hindustan Zinc, Shree Cement, and others, Texel Industries has a significant market presence. The company's manufacturing capacity is approximately 23,680 metric tons per annum, spread across two plants located in Santej and Kheda.

The company has a market cap of Rs 65.88 crore and mixed sets of numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 31.10 per share. Investors should keep an eye on this multibagger penny stock.

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

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