Promoter sold 98,000 shares: Multibagger penny stock under Rs 35 hit 20 per cent upper circuit with heavy volume post orders from MOP&NG and MoD

The stock gave multibagger returns of over 100 per cent in just 1 year whereas BSE Sensex Index is up by 24.4 per cent.

On Tuesday, one of the Top Gainers on BSE, shares of Panabyte Technologies Limited hit 20 per cent upper circuit to Rs 30.73 per share from its previous closing of Rs 25.61 per share. The stock’s 52-week high is Rs 30.85 and its 52-week low is Rs 13.40 per share. At the closing bell, shares of the company were trading at Rs 30.61 per share, up 19.52 per cent with a spurt in volume by 5.30 times on BSE.

Promoter Stake Sold Update: Panabyte Technologies Ltd has disclosed that promoter Amit Devchand Rambhia sold 98,000 equity shares on August 19, 2024, reducing his holding from 6.563% to 4.331% of the company's total shares. This information was submitted to the BSE under SEBI's Substantial Acquisition of Shares and Takeovers Regulations.

Orders Update: Panabyte Technologies Limited has secured two significant contract orders. The first, valued at Rs. 1,99,97,265.53, is from Mangalore Refinery & Petrochemicals Limited under the Ministry of Petroleum and Natural Gas for an Attendance Monitoring Access Control System. The second, worth Rs. 2,62,04,021, is from a laboratory under the Department of Defence Research & Development (DRDO) for Procurement, Installation, and Commissioning of Human and Vehicle Access Control. Both orders are domestic contracts requiring immediate execution, reflecting the company's growing presence in the critical infrastructure and defence sectors.

Panabyte Technologies Ltd, formerly known as Panache Innovations Ltd, is a company established in 1981 that deals in a wide range of products. They design and manufacture ICT and IoT devices, and offer various solutions including Smart Computing Devices, Smart Classrooms, and Smart Asset Management. Additionally, they distribute a vast array of products including consumer electronics, IT hardware, sanitary products, telecom equipment, batteries, and lighting products. They even hold a brand license agreement with HYUNDAI for specific product categories in India.

The company has a market cap of over Rs 13 crore. The stock gave multibagger returns of over 100 per cent in just 1 year whereas BSE Sensex Index is up by 24.4 per cent. Investors should keep an eye on this micro-cap stock.

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

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