Ashish Kacholia bought 10,45,750 shares of this multibagger penny stock under Rs 70; Scrip hit 10 per cent upper circuit on September 11
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 31.10 per share.
The stock market closed lower today. The BSE Sensex Index fell 0.49 per cent to 81,523, and the NSE Nifty-50 Index declined 0.49 per cent to 24,918. Of the 4,070 stocks that traded, 1,603 advances, 2,368 fell, and 99 remained unchanged.
Though the market ended in the red, shares of this micro-cap company were locked in a 10 per cent upper circuit to Rs 65.14 per share from its previous closing of Rs 59.22 per share. The shares of the company saw a spurt in volume by more than 1.11 times on BSE. The stock’s 52-week high is Rs 70.80 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 7,84,312 fully convertible equity warrants to promoter category persons and up to 49,67,302 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. These issues are being made under the Companies Act, 2013, SEBI ICDR Regulations, and other applicable laws. 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% 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.
Ashish Kacholia, a renowned investor, 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 as mentioned in the below image.
The trending stock name is TEXEL INDUSTRIES LTD.
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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 54.32 crore and mixed sets of numbers in its Quarterly Results (Q1FY25) and annual results (FY24). The stock gave multibagger returns of over 100 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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