On Thursday, a multibagger penny stock hit a 5 percent upper circuit after entering into a joint venture agreement with Brigade Enterprises. It has given a multibagger return of 137 percent in six months and a 247 percent return in one year.
With a market capitalization of Rs 651.27 crore, PVP Ventures Ltd. hit a 5 percent upper circuit at Rs 25.01 per share from its previous close of Rs 23.85 per share.
According to the company exchange filing, PVP Ventures Ltd. entered into a joint venture agreement with Brigade Enterprises for the development of a land parcel in Chennai. As per the agreement, PVP Ventures Ltd. will not incur any costs towards the development and is entitled to receive 40 percent of shares from revenue generated by the project. The company expects the project to have a potential of Rs 1000 crore in cash flows over a five year period.
On a Yearly basis, the revenue from operations decreased by 67 percent, from Rs 13.13 crore in Q3 FY23 to Rs 4.32 crore in Q3 FY24. In addition, it incurred a net loss of Rs 8.59 crore and net profits of Rs 67.16 crore during the same period.
Sequentially, on a quarterly basis, revenue from operations increased by 14300 percent from Rs 0.03 crore in Q2 FY24 to Rs 4.32 crore in Q3 FY24, and in the same period, net profits also increased to Rs 67.16 crore in Q3 FY24 from the net loss of Rs 4.08 crore incurred in Q2 FY24.
The segments of PVP Ventures Ltd. include real estate, media production, and Movie related activities.
PVP Ventures Ltd. is an Indian based company, previously known as Software Solutions Integrated Ltd., engaged in urban infrastructure development, incorporated in 1994 in Chennai.
Written By Praveen R
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