Penny stock frenzy: Exclusive land deal sparks back-to-back upper circuit in micro-cap multibagger, hits fresh 52-week high!

Buyers only on land deal: Back-to-back upper circuit in this micro-cap multibagger penny stock; hits fresh 52-week high!

In the current market scenario, where benchmark indices are achieving unprecedented highs, it's the nuanced movements in the broader markets that often unveil hidden gems. Amidst the modest gains of 0.19 per cent on the Sensex and 0.16 per cent on the Nifty, the real action is taking place in the Nifty Mid-Cap and Small-Cap indices, advancing by 0.67 per cent and 0.80 per cent, respectively.

One such standout performer in this micro-cap space is Ace Software Exports Ltd, a penny stock that has been hitting the upper circuit limit of almost 10 per cent on the BSE. Established in 1994, the company has carved its niche in the creation of databases, offering a spectrum of services including Document Management, Digital Publishing, Data Conversion, and Technological solutions to its clientele.

The stock's journey is nothing short of remarkable. From its April 2020 lows of Rs 11.25, it has surged to a fresh 52-week high of Rs 32.80, delivering a staggering 192 per cent return and earning the coveted title of a multibagger stock.

The catalyst behind Monday's surge lies in a significant development for Ace Software Exports Ltd. On December 09, 2023, the company executed a Sale Deed effecting the sale of part of its plot situated at Revenue Survey No. 71, Village Munjka, District Rajkot. The consideration for this transaction amounts to Rs. 1,90,00,000/- (Rupees One Crore Ninety Lakhs only).

This strategic move not only reflects a prudent financial decision but also underscores the company's commitment to unlocking and leveraging its assets for sustained growth. The infusion of Rs. 1,90,00,000/- adds a valuable layer to the company's financial foundation, potentially fueling further expansion and innovation in its core business areas.

Disclaimer: The article is for informational purposes only and not investment advice.