Multibagger penny stock at Rs 1.32 hit non-stop 70 consecutive upper circuits; Board likely to raise funds via rights issue or QIP for business expansion!
The stock gave multibagger returns of 320 per cent in just 6 months and a whopping 3,200 per cent in 1 year.
On Friday, shares of Avance Technologies Ltd hit a 2 per cent upper circuit to Rs 1.32 per share from its previous closing of Rs 1.30. The stock also made a 52-week high is Rs 1.32 per share while its 52-week low is Rs 0.04. In the recent trading sessions, the stock is hitting non-stop 70 consecutive upper circuits.
The company announced that a meeting of the Board of Directors is scheduled to be held on Saturday, February 17, 2024, at the Registered Office of the Company to transact the following business matters:
1. To increase the authorized share capital of the company.
2. To raise funds by issue of equity shares, convertible securities or any other securities, including, through a rights issue, preferential issue and/or qualified institutions placement, as may be permitted under applicable law, for expansion & diversification of the company, subject to receipt of applicable approvals, as may be required and subject to the approval of members.
3. To consider and approve the postal ballot notice.
4. Any other business matters with the permission of the chairman.
Earlier, the company ex-traded stock split of shares in the ratio 5:1 i.e., existing 1 (one) equity share having a face value of Rs 5 each is divided into 5 equity shares having a face value of Rs 1 each fully paid-up. The record date for the stock split was Friday, November 10, 2023.
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The company also announced its Quarterly Results wherein the net sales skyrocketed by 418 per cent to Rs 19.02 crore the net profit skyrocketed by 2,300 per cent to Rs 1.92 crore in Q3FY24 over Q3FY23. The net sales increased by 165 per cent to Rs 30.53 crore and net profit increased by 166 per cent to Rs 0.41 crore in FY23 over FY22.
Avance Technologies Limited (BSE Script Code: 512149) designs and develops software solutions. The company offers a platform to provide mobile marketing, subscriber management, call conferencing, and web integration solutions. Avance Technologies Ltd has a market cap of Rs 261.61 crore.
According to the shareholding pattern as of December 31, 2023, the promoters own only a 0.68 per cent stake in the company while the rest of the 99.32 per cent stake is owned by the public shareholders. The stock gave multibagger returns of 320 per cent in just 6 months and a whopping 3,200 per cent in 1 year.
Disclaimer: The article is for informational purposes only and not investment advice.
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