Shares of this penny stock hit 5 percent upper circuit in Thursday’s trading session after the company’s Promoter Group member offloaded 15 lakh equity shares of the company via a Bulk Deal. In the past six months, the company’s stock gained nearly 20 percent for its holders.
With a market capitalization of Rs 253.26 crores, the stocks of Ruchi Infrastructure Limited started their trading session on a bearish note at Rs 11.40 and currently the stock trades at Rs 11.90, hitting its 5 percent upper circuit compared to the previous closing levels of Rs 11.35 apiece.
Such share price movements in the company’s stock were observed despite a contrasting event that took place on March 13th, 2024, viz, the Promoter Group entity of the company selling 15 lakh equity shares of the company.
As per the Bulk Deal data available with the National Stock Exchange (NSE), Patanjali Foods Limited sold the abovementioned quantity of shares at an average price of Rs 10.50 per share.
On the other hand, Shantiram Kutumbkam Food Services Private Limited emerged as the counterparty by buying nearly 15.53 lakh equity shares at the same trade price.
During the recent financial quarters, the company reported a drastic dip in its basic business parameters such as operating revenues and after-tax profit numbers. The former slipped from Rs 15.58 crores during Q2FY24 to Rs 14.70 crores during Q3FY24, and the latter, during the same time horizon, reduced drastically from Rs 9.20 crores to Rs 67 lakhs.
According to the latest shareholding data available for the December 2023 quarter, the company’s Promoters hold a 67.29 percent stake, and the Foreign Institutional Investors (FIIs), re-entering into the company, again bought a stake of 9.45 percent.
Ruchi Infrastructure Limited is engaged in the business of infrastructure, development, and operation of warehouses, storage tanks, jetties, and generation of power from wind energy. The company operates via three broad segments, viz, commodities, infrastructure, and others.
Written by Amit Madnani
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