Union Bank Of India-Backed Multibagger Penny Stock Under Rs 20 From The Telecom Sector Hit 20 Per Cent Upper Circuit With 15.64 Times Spurt In Volume On BSE

The stock gave multibagger returns of 128.3 per cent from its 52-week low of Rs 6.85 per share.

On Friday, the BSE Sensex Index was in red, down 0.28 per cent at 81,381.36 and the NSE Nifty-50 Index was also in red, down 0.14 per cent at 24,994.25. Considering broader markets, the BSE Small-Cap index surged 0.44 per cent to a level of 56,600.

As the market was trading mixed, one of the Top Gainers on NSE & BSE, shares of GTL Ltd hit a 20 per cent upper circuit to an intraday high of Rs 15.64 per share from its previous closing of Rs 13.04. The shares of the company saw a spurt in volume by more than 15.64 times. The stock has a 52-week high of Rs 19.70 and a 52-week low of Rs 6.85.

GTL Ltd is a network services company, offering services and solutions to address the network life cycle requirements of telecom operators, technology providers (OEMs) and tower companies. 

Talking about the financials, GTL Ltd has a market cap of Rs 246 crore. The company reported excellent results in its Quarterly Results (Q1FY25) and annual results (FY24). According to quarterly results, the net sales increased by 37 per cent to Rs 63.06 crore and net profit increased by 165 per cent to Rs 12.89 crore in Q1FY25 compared to Q1FY24.

As of June 2024, Union Bank of India owns a 4.80 per cent stake in the company. The stock gave multibagger returns of 128.3 per cent from its 52-week low of Rs 6.85 per share. Investors should keep this penny stock under the radar.

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