Shares of this penny stock hit the 2 percent upper circuit after a Foreign Institutional Investor (FII) bought an additional 0.61 percent stake in the company on Friday, 10th May 2024, via a Bulk Deal. In the past month, the company’s stock gained nearly 65 percent for its holders.
With a market capitalization of Rs 71.34 crores, the stocks of Tijaria Polypipes Limited opened their trading hour on Monday hitting its 2 percent upper circuit at Rs 24.92, and are currently locked at the same share price.
Such sharp share price movements were observed today after a Foreign Institutional Investor (FII) bought an additional stake in the company on Friday, 10th May 2024.
As per the Bulk Deal data available with the Bombay Stock Exchange (BSE), NAV Capital VCC – NAV Capital Emerging Star Fund bought approximately 1.75 lakh equity shares of Tijaria Polypipes Limited at an average trading price of Rs 24.44 per equity share. The bought quantity represents an additional 0.61 percent stake in the company.
According to the latest shareholding pattern data for the March’24 quarter, the NAV Capital VCC – NAV Capital Emerging Star Fund held around 9.79 lakh equity shares of Tijaria Polypipes Limited equivalent to a 3.42 percent stake.
During the recent financial quarters, the company’s basic business indicators, viz, its operating revenues as well as bottom-line figures, reported underperforming numbers.
The former reduced from Rs 6 lakhs during Q2FY24 to Rs 3 lakhs during Q3FY24 and the bottom-line numbers, during the same period, magnified its losses from Rs 66 lakhs to Rs 69 lakhs.
Keeping a purview of the last six months, the company’s stock delivered multibagger returns of approximately 275 percent to its stakeholders, i.e., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 3.75 lakhs.
Incorporated in 1982, Tijaria Polypipes Limited is an India-based company manufacturing various types of pipes and textile products, some of which include uPVC Pipes, PVC-U Pipes, draw textured yarn, and many more. The majority of company’s revenues come from the ‘Pipes’ segment.
Written by Amit Madnani
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