Shankar Sharma Sold 2,29,25,000 Shares of This Penny Stock Under Rs 10; Scrip Hit 5 Per Cent Lower Circuit
The stock is 62.8 per cent down from its 52-week high of Rs 22.97 per share while it is up by 28.6 per cent from its 52-week low of Rs 6.65 per share.
On Monday, October 21, 2024, the shares of this penny stock were locked in a 5 per cent lower circuit to Rs 8.55 per share from its previous closing of Rs 9. The stock is 62.8 per cent down from its 52-week high of Rs 22.97 per share while it is up by 28.6 per cent from its 52-week low of Rs 6.65 per share. The stock’s all-time high is Rs 117.75 per share.
The stock name is Brightcom Group Ltd.
Brightcom Group Ltd. is actively working towards business development and expansion of its publisher network, while also prioritizing compliance actions to resume trading. Upcoming events include the Publisher Meet in London (October 29, 2024 to October 31, 2024) for recruiting new local publishers, entity setup for Trenova in progress, and Digiday in Barcelona (October 28 2024 to October 30, 2024) to showcase capabilities and expand in European markets.
Additionally, GITEX in Dubai (October 14, 2024 to October 18, 2024) focused on building key partnerships in the Middle East. On the compliance front, the company has disclosed its September shareholding pattern and is working on uploading the June SHP. The AGM notice (Oct 24, 2024) highlights the agenda for FY23 results approval, director and auditor appointments, and shareholder interaction with the new management. The company is also taking steps to revoke its suspension, with the FY23 annual report upload being a key requirement. Efforts are underway to complete BSE and NSDL commitments and resume daily trading.
An NRI and renowned investor, Shankar Sharma, has exited from Brightcom Group Ltd by selling 22,925,000 shares or 1.14 per cent of his stake in the company, as per BSE exchange filings. Following Sharma's exit, Subroto Saha remains the only NRI shareholder, having held a stake in the company since the March quarter. Additionally, Foreign Institutional Investors (FIIs) have reduced their stake from 10.7 per cent to 9 per cent.
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About the Company
Brightcom Group Ltd, previously known as Lycos Internet Ltd, is a global digital marketing powerhouse founded in 2000 and headquartered in Hyderabad, India. Offering a comprehensive suite of digital marketing solutions, the company caters to businesses, agencies, and publishers worldwide through its Ad-Tech and Digital Marketing, Software Services and Future Technologies divisions. From traditional advertising formats to cutting-edge AI and DOOH, Brightcom's diverse portfolio positions it as a leader in the dynamic digital landscape.
The company has a market cap of Rs 1,725.35 crore and has delivered good profit growth of 27.5 per cent CAGR over the last 5 years. The stock has a PE of 2x, an ROE of 22 per cent and an ROCE of 31 per cent. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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