Multibagger penny stock jumps 3.5% after company acquired 50% stake in a Tanzanian company

This penny cap stock rose 3.5% after the company entered into an MoU agreement and acquired 50% stake in Vivanta Drone Research Centre Tanzania Limited. 

Share price of Vivanta closed at Rs. 5.05 per share. It gained 3.5% in the market today to reach its intra- day high of Rs. 5.15 per piece. The stock gave a multibagger return of 157.76% in the last six months and 163.21% in the last one year.

On 13 Sep 2023, the company signed an MoU with Vivanta Drone Research Centre Tanzania Limited (VDRCTL) to set up research and development of drones, training and development of drones and setting up the assembly line. Under this agreement, Vivanta has acquired 50% of equity shares of VDRCTL. 

It has a market capitalization of Rs. 62.25 crore. As per its recent financial statements, the company noted a revenue of Rs. 14.08 crore in Q1FY24 which is a decline of 20.4% from Rs. 17.69 crore in Q4FY23.

Its net loss of Rs. 0.25 crore in Q4FY23 turned out to be a net profit of Rs. 0.33 crore in Q1FY24. It maintains a low debt to equity ratio of 0.27

Vivanta Industries established in the year of 2013, is mainly engaged in manufacturing of industrial plants and its set up along with turnkey projects. The company specialises in conceptualization, design, installation and commissioning. 

Written by Bhumika Khandelwal

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