Promoters bought 1,18,13,340 shares: Heavy buying is witnessed in this multibagger penny stock under Rs 60; Spurt more than 3 times on BSE

The stock gave multibagger returns of 500 per cent in 5 years and a whopping 1,550 per cent in a decade.

Today, shares of BCL Industries Ltd gained 10.3 per cent to an intraday high of Rs 57.45 per share from its previous closing of Rs 52.09. The stock’s 52-week high is Rs 86.25 while its 52-week low is Rs 43.13. The shares of the company saw a spurt in volume by more than 3 times on BSE.

BCL Industries Limited is one of India’s largest agro-processing manufacturing companies with diverse businesses and vertical integrations. Established in 1976, BCL Industries Limited is engaged in edible oils, rice milling, grain-based distilleries and real estate. It is present in Punjab and West Bengal. BCL Industries Ltd Limited is a part of the Mittal group with a market cap of over Rs 1,500 crore. The company's expansion is paying off. The Bathinda unit's new plant doubled its ethanol production capacity, and a new plant in Kharagpur along with a subsidiary's expansion boosted total capacity to 700 KLPD. This strong growth is meeting high demand, with a full order book from Oil Marketing Companies until November 2024.

According to Quarterly Results, the net sales increased by 34.3 per cent to Rs 613.65 crore in Q4FY234 compared to Rs 456.96 crore in Q4FY23. The company reported a net profit of Rs 23.71 crore in Q4FY24 compared to net sales of Rs 24.60 crore in Q4FY23. In its annual results, the net sales increased by 20.1 per cent to Rs 2,200.62 crore in FY24 compared to Rs 1,819.92 crore in FY23 while the net profit increased by 49 per cent to Rs 95.92 crore in FY23 compared to Rs 64.36 crore in FY23.

BCL Industries Limited is scheduled to meet with representatives from Incred Equities on June 19, 2024 and June 20, 2024, for an in-person meeting to discuss general business prospects and publicly available information. Also, the Board will meet at the ‘GIA PROMOTERS FORUM’ on June 21, 2024, arranged by Go India advisors. To ensure transparency, the meeting will not involve any unpublished price-sensitive information that is not already known to the public.

Also Read: Turnaround story in this debt-free penny stock at Rs 3.59; Revenue jumps 724 per cent and PAT zooms 169 per cent; details inside!

Earlier, the company directors issued 1,18,13,340 new shares at Rs 36 each (including a premium) to convert previously issued warrants. These warrants were originally priced at Rs 360 but adjusted to Rs 270 after a stock split. Warrant holders who converted paid a total of Rs 31.89 crore, with 12 lakh warrants still outstanding and convertible within 18 months for the remaining 75 per cent of the price. This issuance increases the company's capital to Rs 284.16 crore, consisting of 28,41,63,340 fully paid shares of Re 1 each. Notably, this allotment includes shares for promoters: Mr Rajinder Mittal, Mrs Sunita Mittal, Mr Kushal Mittal, and Mrs Sara Garg.

An ace investor, Sangeetha S own a 1.17 per cent stake in the company as of June 2024. According to shareholding patterns as of June 2024, the promoters bought 1,18,13,340 shares and increased their stake to 57.91 per cent compared to 56.08 per cent in March 2024. The stock gave multibagger returns of 500 per cent in 5 years and a whopping 1,550 per cent in a decade. Investors should keep an eye on this Small-Cap stock.  

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