Multibagger penny stock under Rs 2; Board likely to announce stock split!
The stock gave multibagger returns of 440 per cent in just 6 months, 515 per cent in 1 year and over 1,250 per cent in 5 years.
On Wednesday, shares of Avance Technologies surged 2 per cent upper circuit to Rs 1.35 per share from its previous closing of Rs 1.33. The stock’s 52-week high is Rs 2.66 and its 52-week low is Rs 0.18. In the recent trading session, the stock is hitting back-to-back upper circuits.
Avance Technologies Ltd informed that a meeting of the Board of Directors of the company is scheduled to be held on Monday, September 25, 2023, at the registered office of the company to transact the following business matters:
1) To increase the authorised share capital of the company.
2) To consider and approve the proposal of sub-division/split of the equity shares of the company in such manner as may be determined by the Board of Directors, subject to the approval of the members and such regulatory/statutory authorities as may be required.
3) To approve related party transactions.
4) To set limit of Investment(s), Loan(s), Guarantee(s) and Security(ies) pursuant to Section 186 of Companies Act, 2013.
5) Increase in the Borrowing limits under section 180 (1) (c) of the Companies Act, 2013 and authority to create charges on movable and immovable properties of the company in respect of borrowings.
6) To alter the memorandum of association of the company to comply with the provisions of the Companies Act, 2013.
7) To approve the Postal Ballot Notice.
8) To consider any other business with the permission of the chairman.
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According to the Quarterly Results, the net sales increased by 340 per cent to Rs 2.56 crore the net profit increased by 500 per cent to Rs 0.18 crore in Q1FY24 over Q4FY23. 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 53.51 crore.
The stock gave multibagger returns of 440 per cent in just 6 months, 515 per cent in 1 year and over 1,250 per cent in 5 years. Investors should keep an eye on this micro-cap multibagger stock.
Disclaimer: The article is for informational purposes only and not investment advice.