Shares of this penny stock hit the 5 percent lower circuit after the company’s key top management personnel tendered their resignation w.e.f. October 31st, 2023.
With a market capitalization of Rs 5 crores, the stocks of East Buildtech Limited hit the 5 percent lower circuit in Thursday’s trading session at Rs 25.32 apiece. Currently, the company’s share is locked in the circuit at the same price.
Such bearish sentiments around the company’s stock are observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE) dated 31st October 2023, intimated regarding a resignation tendered by one of the top executives of the company.
Ms. Yogita, holding the position of Company Secretary (CS) Compliance Officer (CO), and Chief Financial Officer (CFO) of the Company, has tendered her resignation due to personal reasons. Her last working day was 31st October, 2023.
Coming onto the financial performance during the recent financial years, the company has successfully been able to increase its operating revenues as well as net profits with the former staying uniform at levels of around Rs 50 lakhs during Q1FY24 and Q1FY24, and, the latter, keeping the timeframe the same, moved up marginally from Rs 2 lakhs to Rs 4 lakhs.
As a result of the above, the reported a jump in its profitability metrics with the return on equity (RoE) increasing from 0.27 percent during FY21-22 to 0.67 percent during FY22-23, and, the return on capital employed (RoCE), during the same period, shifted up from 1.26 percent to 1.77 percent.
As per the shareholding pattern data available for the quarter ended September 2023, the company’s Promoters hold a 59.10 percent stake, and the Public (retail) investors hold the remaining stake of 40.90 percent in the company.
Incorporated in 1984, East Buildtech Limited is engaged in the business of acquiring land for the purpose of erection as well as the construction of houses, flats, offices, shops, buildings, apartments, and other infrastructure development activities.
Written by Amit Madnani
