Vijay Kedia gains Rs 7,47,17,193 from this multibagger penny stock with robust order book worth Rs 2,961 crore; Company reports stellar quarterly results (Q2FY24)!

The stock is up by 115 per cent in just 6 months whereas BSE Sensex Index is up by 5 per cent.

Indian stock markets closed higher on Monday, with the BSE Sensex and NSE Nifty-50 indices both gaining over 0.5 per cent.

Along with the market in green, one mutibagger penny stock was locked 2 per cent upper circuit to Rs 93.52 per share, from its previous closing of Rs 93.52. The stock’s 52-week high is Rs 98.72 and its 52-week low is Rs 29.66. The shares of the company saw a spurt in volume by more than 8 times on BSE.

Before we reveal the penny stock name, let's take a look at how the ace investor Vijay Kedia made Rs 7,84,65,320 from this penny stock. Here are the details:

On September 4, 2023, Kedia Securities Ltd (owned by Vijay Kedia) bought 24,65,912 shares of a company at Rs 61.70 per share for a total of Rs 15,21,46,771 (approximately Rs 15.21 crore). As of Monday, October 30, 2023, the stock was trading at Rs 92 per share on the BSE. This means that the total value of the shares that Kedia Securities Ltd owns is now Rs 22,68,63,904 (approximately Rs 22.69 crore).

Therefore, in less than 2 months, Kedia Securities Ltd has made a profit of Rs 23,06,12,091 - Rs 15,21,46,771 = Rs 7,84,65,320.

According to the Quarterly Results, the net sales increased by 184.49 per cent to Rs 279.80 crore in Q2FY24 compared to Q2FY23. The company reported a net profit of Rs 23.60 crore in Q2FY24 compared to a net loss of Rs 9.24 crore in Q2FY23, an increase of 335 per cent. As of June 30, 2023, the company has Rs 2,961 crore worth of projects in its order book, forming 4x of FY23 revenue.

According to the half-yearly results, the net sales increased by 124.65 per cent to Rs 546.60 crore in H1FY24 compared to H1FY23. The company reported a net profit of Rs 37.79 crore in H1FY24 compared to a net loss of Rs 3.49 crore in H1FY23, an increase of 1,183 per cent.

The company has a market capitalization of Rs 886 crore with a stock price CAGR of 77 per cent over the past three years. The company's shares have a PE of 16.6x whereas as the industry PE is 39.7x.

The penny stock that is causing all the excitement is OM INFRA LTD. It is a multibagger stock, which means that its price has increased many times over a period of time.

Om Infra Ltd is a conglomerate with diverse interests in infrastructure, including hydro-mechanical equipment, turnkey steel fabrication solutions, hydropower development, real estate, entertainment centres, and hotels. It is a flagship company of Om Kothari Group.

The stock is up by 115 per cent in just 6 months whereas BSE Sensex Index is up by 5 per cent. The stock has been a multibagger over the past 3 years, with a return of 446 per cent.

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