Promoter bought 50,00,000 shares and FIIs bought 1,88,83,930 shares of this multibagger film making stock: Announces turnaround story in 9MFY24 results!
The stock gave multibagger returns of 150 per cent in just 6 months whereas BSE Sensex Index is up by 10 per cent.
The stock market was trading in green with the BSE Sensex Index up by 0.58 per cent at 71,485 and the NSE NIfty-50 Index up by 0.44 per cent at 21,711.
Though the market was in green, shares of Balaji Telefilms Ltd plunged 6.63 per cent to Rs 115.35 per share from its previous closing of Rs 123.45 with an intraday high of Rs 121.97 and an intraday low of Rs 111.19 (One of the reasons behind the stock plunge is investors might be booking profit booking with a total 14 lakh shares quantity traded on BSE & NSE).
According to the Quarterly Results, the company reported a total income from operations of Rs 138.3 crore, EBITDA of Rs 4.2 crore and a net loss of Rs 0.2 crore in Q3FY24 while the company reported a total income from operations of Rs 165.4 crore, EBITDA of Rs 4.6 crore and net loss of Rs 2.6 crore in Q3FY23.
In its nine-month results, the company reported a turnaround story as it reported a net profit of Rs 22 crore in 9MFY24 compared to a net loss of Rs 45.7 crore in 9MFY23. The net sales increased by 8.5 per cent to Rs 490 crore in 9MFY24 compared to net sales of Rs 448.4 crore in 9MFY23.
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Earlier, the Board of Directors of the company approved allotment of up to 2,38,83,930 warrants, each convertible into or exchangeable for 1 fully paid-up equity share of the Company of the face value of Rs 2 each warrant to the “Proposed Allottees” by way of the preferential issue for Rs 89.60 per warrant, for an aggregate amount of upto Rs 2,14,00,00,128 to promoters and FIIs.
In the allotment, the promoter of the company Ms Ekta Ravi Kapoor bought 50,00,000 shares and FIIs (Aries Opportunities Fund Limited, Tano Investment Opportunities Fund, Elara India Opportunities Fund, Coeus Global Opportunities Fund, Atyant Capital India Fund I and Vanderbilt University- Atyant Capital Management Limited) aggregrating bought 1,88,83,930 shares via preferential issue.
Balaji Telefilms Ltd is in the business of production of films, event business, B2C and B2B digital content business and operates a subscription-based video on demand (SVOD) over-the-top (OTT) platform, distribution of films. It has established itself in the business of television content in India particularly for Hindi language content. The stock gave multibagger returns of 150 per cent in just 6 months whereas BSE Sensex Index is up by 10 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.
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