This overlooked software stock jumps over 500 per cent in just 66 weeks!
The most-intriguing thing about this stock is that as per the quarter ending March 2021, its promoter stake is very close to 75 per cent.  Â
InfoBeans Technologies is a publicly-listed digital transformation and product engineering outfit. It designs, builds & sustains enterprise-grade software to fulfil its clients’ most-ambitious business aspirations or resolve the most complex business problems using cutting-edge technology.
The stock was seen buzzing in otherwise a wobbly market as it closed with a stupendous gain of over 19 per cent. The stock registered a fresh 52-week high and even touched the upper circuit limit of 20 per cent on Monday. Moreover, the stock recorded volumes of over 3 lakh, which is the highest since June 2, 2021.
The stock went up by nearly 132 per cent on a YTD basis while on an MTD basis, it is up by 43 per cent. Furthermore, it has gained over 500 per cent from the March 2020 lows. The most-intriguing thing about this stock is that as per the quarter ending March 2021, its promoter stake is very close to 75 per cent.
During the last week of April 2021, the stock announced a buyback of Rs 10 crore worth of shares. The company received a total of 3 bids, which were not valid since they were not shareholders on the record date i.e. May 07, 2021, and thus, the bids were rejected. Therefore, no equity shares were bought back in the buyback offer.