An outdoor advertising agency with a market Capitalization of Rs 435 crores surged 8.2 percent in early trade on Wednesday to hit an all-time high of Rs 316 per share after Mauritius-based foreign portfolio investor (FPI) Aegis Investment Fund purchased a stake in the company.
Bright Outdoor Media Ltd shares were trading at Rs 312 per share on the BSE at 1:11 p.m., up Rs 20.85 or 7.16 percent.
According to a report, Aegis Investment Fund and Aegis Investment Fund PCC of Mauritius purchased a 3.3% stake in Bright Outdoor Media Ltd for Rs 13.34 crore through open market.
According to an exchange report, Aegis Investment Fund purchased 2 lakh shares at an average price of Rs 291.1, and Aegis Investment Fund PCC purchased 2.6 lakh shares at an average price of Rs 290.
Bright Outdoor Media Limited is an advertising agency and one of India’s leading Out of Home (OOH) media firms, operating across the country.
In the previous three months, the company’s share gained multibagger returns of 107% from Rs 155 to the present price.In three months, a shareholder’s investment of Rs 1 lakh in the firm would be worth Rs 2.07 lakhs.
In FY 22-23, company’s revenue increased by 81.3 percent year on year to Rs 91.50 crore from the previous year. Similarly, net profit grew by 174 percent to Rs 7.10 crore.
As per current shareholding pattern, the promoters own 72.72 percent of the company, while retail investors own 27.29 percent.
Written by Omkar Chitnis
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