This penny stock rose 9% in the first hour of market open and recently hits 20% upper circuit. The company has announced a merger in its most recent filing. The company has a market cap of Rs. 33 crore. The stock currently stands 7% away from 52 week high and 26%, 41% above its 20 day mong average and 200 day moving average respectively.
One Global Service Provider Ltd (“One Global”) stated in a filing that it has received the Observation Letter with ‘no adverse observations’ from BSE Limited in relation to various statutory and regulatory approvals for the proposed scheme of amalgamation (“Scheme”) for the amalgamation of Plus Care Internationals Private Limited (Transferor Company) and One Global Service Provider Limited (Transferee Company).
The Scheme remains subject to various statutory and regulatory approvals inter alia including approvals from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the Scheme, as may be required.
The company posted huge growth in key areas during Q1 FY2024. One Global’s Revenue grew 500% YoY from Rs. 2.1 crore to Rs. 12.5 crore. Net Profit grew 692% YoY from Rs. 0.1 crore to Rs. 1 crore. The company’s EBITDA also rose at a staggering 585% during Q1, from Rs. 0.2 crore to Rs. 1.4 crore.
One Global Service Provider Limited engages in the provision of life sciences and healthcare solutions worldwide. One Global’s shareholding comprises 30% held by promoters with no pledges, 70% by the public and has no short interest.
Disclaimer: Since penny stocks are generally illiquid, even a small increase in volume of buy orders can lead to the stock hitting its upper circuit. Even though the stock prices come under an average buying range for retail investors and provide huge upsides, penny stocks are prone to huge risks to retail investors. As such, you should consult your financial advisor before taking an entry into such stocks.
Written by Sandeep R
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