Rakesh Jhunjhunwala’s RARE Enterprises Sells 15,85,000 Shares of EV Company, Stock Hits Lower Circuit – FIIs and DIIs Reduce Holdings in Q1 FY25!
The company’s shares have delivered an impressive return of around 155 per cent compared to its final IPO price.
Shares of Exicom Tele-Systems hit a lower circuit on September 4, following news that Rakesh Jhunjhunwala's RARE Enterprise had reduced its holding in the company.
RARE Enterprise sold 15,85,000 shares, equivalent to a 1.3 per cent stake, at an average price of Rs 348.60 per share. The total value of the stake sale amounted to Rs 55.25 crore, according to exchange data.
Incorporated in 1994, Exicom Tele-Systems Limited is a Small-Cap company engaged in power systems and electric vehicle (EV) charging solutions. As one of the pioneers in India's EV charger manufacturing sector, the company offers a range of charging solutions, including slow AC chargers for residential use and fast DC chargers for business and public networks in cities and highways.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
On Wednesday, this small-cap company’s stock opened the day at Rs 364 per share on the BSE compared to yesterday’s closing price of Rs 381 per share. The current market capitalization of the company stands at Rs 4373.24. Additionally, the stock has delivered a multibagger return of around 155 per cent compared to the final IPO price of Rs 142.
As per the Quarterly Results, in the first quarter of FY25, Exicom Tele-Systems recorded a revenue of Rs 243 crore. The operating profit stood at Rs 28 crore. The net profit for Q1 was Rs 22 crore. Looking at the annual performance, the company generated a revenue of Rs 866 crore in FY24, compared to Rs 516 crore in FY23. The operating profit for FY24 was Rs 114 crore, with a net profit of Rs 66 crore.
Disclaimer: The article is for informational purposes only and not investment advice.