Hidden gem: Moongipa Securities turns 37 baggers in just one year! Famed investor Ashish Kacholia appears in proposed preferential allottees list
Hidden gem: Moongipa hits back-to-back upper circuits; So, what’s the reason behind this buzz in the stock?
On Monday, the Indian benchmark indices had ended their six-day winning streak while on Tuesday, the bears were seen tightening their grip as the benchmark indices lost over half a per cent. Having said that, there are certain stocks that have continued their upmove, and one such stock, which we are going to talk about is, Moongipa Securities Limited.
The stock got locked at an upper circuit limit of 5 per cent on Tuesday. Interestingly, it has been hitting back-to-back upper circuits since July 12, 2022, and also, marked a fresh 52-week high on Tuesday. So, what’s the reason behind this buzz in the stock?
The company accorded increase in the authorised share capital of the company from Rs 6,00,00,000 (Rs 6 crore) divided into 60,00,000 (sixty lakh) equity shares of Rs 10 each to Rs 40,00,00,000 (Rs 40 crore) divided into 4,00,00,000 (four crore) equity share of Rs 10 each. The company has done allotment of shares on a preferential basis. The company has allocated 2,37,38,800 equity shares of the face value of Rs 10 each fully paid-up, for cash, at an issue price of Rs 101 per equity share, for an aggregate amount of up to Rs 2,39,76,18,800.
Ashish Rameshchandra Kacholia, Samit S Vartak, and Mukul Mahavir Agarwal are some of the prominent investors in the proposed allottees.
The company is a SEBI-registered broker, which offers a wide range of services associated with broking, distribution, investment research, online trading, wealth management, investment banking & insurance.
Talking solely on the basis of performance, the stock that traded in single digit last year is now in triple-digit and has been a multibagger ">Multi-bagger for shareholders as it turned to be a 37-bagger on jumping nearly 3,600 per cent. While those numbers are appealing, its market cap is still just at a mere Rs 68 crore.
The stock is up by a mind-boggling 4,681 per cent in the last three years while in the last three months, it has gained nearly 236 per cent. Considering the robust performance of the stock in the last one-year and three-year time periods, the stock seems to be a hidden gem!