Back-to-back upper circuit: Penny stock under Rs 10, FIIs purchased 6,00,568 shares of this multibagger company, Profit surged by 4,000 per cent in Q3 FY24
In Q3 FY24, the company's Profit After Tax surged by over 4000 per cent, while the stock continuously hit the upper circuit.
Mercury Trade Links Limited has transitioned its primary business activity from "Financial and insurance services" to "Agro-related products."
It is involved in trading various agro products, including fertilizers, manures, plant or animal foods, pesticides such as insecticides, herbicides, and fungicides, as well as a wide range of grains and seeds such as rice, maize, milo, cotton seeds, soybeans, groundnuts, castors, linseeds, sunflower seeds, coconut, rapeseed, almonds, sesame seeds, mustard seeds, seas seeds, and grapeseeds, among others.
As of March FY24, the Foreign Institutional Investors (FIIs) holding in the company has surged to 22.04 per cent. Notable among these FIIs are Nexpact Limited, Craft Emerging Market Fund Pcc- Elite Capital Fund, Craft Emerging Market Fund Pcc- Citadel Capital Fund, Ag Dynamic Funds Limited, Eminence Global Fund Pcc- Eubilia Capital Partners Fund I, and Radiant Global Fund - Class B Participating shares, each holding a 3.67 per cent stake. This increase in FII ownership reflects growing international interest and confidence in the company's prospects and performance.
On February 17, 2024, the Board of Directors of the Company approved a rights issue to eligible shareholders for an amount not exceeding Rs 9,90,00,000.
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Today the company’s stocks closed the day at Rs 7.67 per share representing a gain of 4.92 per cent and hit the upper circuit not only this it reached to 52-week high price today. The current market capitalisation of this multibagger company stands at Rs 2.09 crore.
Additionally, the stock has delivered a multibagger return of around 136 per cent in the past one month. The company has not yet released its Quarterly Results for Q4 FY24.
In the December quarter of FY24, the company recorded a significant jump in its net profit by around 4040 per cent. In Q3 FY24, the company achieved a Profit After Tax (PAT) of Rs 0.39 crore, compared to a loss of Rs 0.01 crore in the same quarter last year.
Investors must keep this penny stock on their radar.
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