A New Year wish in Jan 2022 would be to make good profits on your portfolio. This would have fructified by 900% if one would have invested in a multibagger called Spacenet Enterprises India Ltd, a global fintech enterprise (NSE: SPCENET). Disruptive tech stocks have been the darling of stock markets but Spacenet has now come on our radar due to two reasons.
Past performance:
Spacenet’s stock price shot up from about Rs. 2 per share to Rs. 20.10 per share and the performance of stock too has been remarkable during this period. It clocked a sales of Rs. 22 crs and it’s EBIT shot up almost 2360%. Being a debt free company, It’s profit has shot up 700% and the EPS too shot up by 400%. This solid base of past performance coupled up with promising future plans mentioned below make this a stock to watch out for.
Future Prospects:
On 12-08-2023 the company made an announcement on the National Stock Exchange (NSE) about its intention to raise 100 Crores through Preferential Issue and the board has approved of the same. The board has also approved its investments in five burgeoning new age tech companies, focusing on Fintech, Neo Bank, AI, Proptech, and GameFi. These investments in new age technology firms will unlock substantial value for Spacenet’s shareholders.
Spacenet’s operations are not limited to providing services; they also build, invest in, and support fintech companies that power traditional finance (TradFi).
If an investor had invested Rs. 1 lakh in the company’s shares a year ago, the value of their holding would have been close to Rs. 9 lakhs today. What is noteworthy is that the stock has a 52 week high of Rs. 30 a piece.
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