Penny stock with high promoter holding under Rs 30: Stock rallies 20 per cent and hits upper circuit today with robust volumes, profit surges by 1,700 per cent!

Shares of the company have gained more than 100 per cent in the last one year.

Ashima Limited is engaged in the manufacture of 100 per cent cotton yarn-dyed shirting fabrics, denim fabrics, and readymade garments, as well as processing textile fabrics.

At the start of the day's trading session, the stock opened at Rs 28.75 per share, compared to the previous day's closing figure of Rs 23.96 per share on the BSE. As of the time of writing this article, the shares are currently at Rs 28.75 per share on the BSE. The stock has reached the upper circuit price limit of 20 per cent, reflecting strong demand in the market with no sellers willing to offer shares, resulting in potential buyers being unable to make purchases, leading to disappointment among buyers. The company's current market capitalisation stands at Rs 551 crore, and the stock has generated an impressive multibagger return of around 108 per cent in the past year.

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According to the Quarterly Results, in Q4 FY24, the company reported a revenue of Rs 145 crore compared to a revenue of Rs 38 crore, representing a gain of 283 per cent YoY. The company’s operating profit reached Rs 63 crore compared to a loss of Rs 5 crore in Q4 FY23. The operating margin stood at 43 per cent. The net profit of the company was Rs 96 crore in Q4 FY24 compared to a net loss of Rs 6 crore.

Turning your attention to the annual performance of the company, it reported a revenue of Rs 329 crore, compared to Rs 207 crore in FY23. The company reported an operating profit of Rs 69 crore. The company’s profit was Rs 96 crore in FY24.

According to the shareholding pattern, the promoters of the company hold 73.49 per cent. The FIIs hold 0.03 per cent while the remaining 26.48 per cent is held by the public or retail investors.

Investors must keep this Small-Cap stock on their radar.

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