This stock hit its upper circuit of 5% from Rs. 5.24 to Rs. 5.55 on volumes that were 1.2x monthly average volume and in line with yesterday’s volumes. The stock has a market cap of Rs. 53 crore.
The stock has been on an uptrend since January 2023 and closed 50% above its 200 day moving average on Wednesday. The stock is currently experiencing range bound trading between strong resistance and support with prospects of a breakout.
Vivanta Industries Ltd (‘Vivanta”) announced in a filing dated 6th September 2023 that Board of Directors of the Company, in their meeting held today, at the Registered Office of the Company has considered and approved the allotment of Bonus equity shares having face value of Re. 1/- each in the proportion of 1 new fully paid-up equity share for every 4 existing equity shares held by the Shareholders of the Company as on the Record Date determined by the Board (i.e. 05th September, 2023)
The company reported impressive results in Q1 FY24. Artson’s revenue grew a staggering 2,350% YoY from Rs. 0.7 crore in Q1 FY23 to Rs. 17.7 crore in Q1 FY24. In the same period, Net Loss reduced 41% YoY from a loss of Rs. 0.4 crore to a loss of Rs. 0.3 crore. EBITDA also grew 4.2% YoY from Rs. 0.24 crore to Rs. 0.25 crore. The company reported Basic EPS of 0.04 in Q1 FY24 versus the same 0.04 in the same period previous year.
The company’s promoter holding has been decreasing for the last 5 quarters. It has gone from 75% to 70% to 60% to 59% to currently. The rest is held by the retail public. The promoter pledge stands at 0% all quarters except in Q4 FY23 when it was 7%.
Disclaimer: Since penny stocks are generally illiquid, even a small increase in volume of buy orders can lead to the stock hitting its upper circuit. Even though the stock prices come under an average buying range for retail investors and provide huge upsides, penny stocks are prone to huge risks to retail investors. As such, you should consult your financial advisor before taking an entry into such stocks.
Written by Sandeep R
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