Penny stock hit its 20 percent upper circuit of Rs 39.60 per share from its previous close of Rs 33 per share after the company’s promoter acquired a 2.7 percent stake from the open market.
According to the filing of Upsurge Investment and Finance Ltd, Mr.Pratibha Goyal, the company promoter, purchased 4.1 lakh equity shares, or 2.7 percent of the company, through the open market.
Mr.Pratibha Goyal’s shareholding in Upsurge Investment and Finance Ltd will be increased from 15.8 lakh shares to 20 lakhs, or 10.4 percent to 13.2 percent, following the acquisition.
Looking at their financials the company’s net revenue decreased by 17.8 percent year over year, from Rs 11.81 crore in Q2FY23 to Rs 9.70 crore in Q2FY24. Their revenue fell by 11 percent sequentially from Rs 11 crore in Q1FY24 to the current levels.
In addition, the company’s net profit rose by 20 percent year over year, from Rs 2.17 crores in Q2FY23 to Rs 2.62 crores in Q2FY24. On a sequential basis, their profit decreased from Rs 3.42 crore in Q1FY24 to the current levels, a 23 percent decrease.
Upsurge Investment and Finance Ltd with a market capitalization of Rs 60 crores the promoter of the company holds a 54 percent stake and 46 percent is held by the general public.
The company has a low price-to-earnings ratio of 21 in comparison to its peer company, as well as a low debt-to-equity ratio of 0.06; however, the company’s return on equity, return on capital employed, and net profit margin were all low in comparison to the previous two years.
Upsurge Investment and Finance Limited, founded in 1996, is an India-based non-banking financial company (NBFC). The Company provides financial advisory, capital-growth, and management services to small and medium-sized businesses.
Penny stock investing is exceedingly volatile and risky. This article doesn’t contain any recommendations or financial advice. Penny stocks are volatile, illiquid, lack information, and are easily manipulated, so seek the advice of a financial advisor before getting involved.
Written by Sriram KV
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