Multibagger Penny Stock: 115 pc Return In 1 Year; Company Finalises Conversion of 13 Crore Warrants Into Equities
multibagger penny stock gg engineering: 115 pc return in 1 year; company finalises conversion of 13 crore warrants into equities
GG Engineering Ltd’s Board of Directors, in their recent meeting, approved the allotment of equity shares following the conversion of over 13 crore warrants into an equal number of equity shares. Each share was issued at an issue price of Rs. 1.32, inclusive of a premium of Rs. 0.32 each, to the “Non-Promoters/Public Category” on a preferential basis.
The company in a statement said, “This approval came upon the receipt of the balance amount totaling Rs 13,36,50,000 at the rate of Rs. 0.99 per warrant, which represents 75% of the issue price per warrant, from the allottees exercising their rights of conversion into equity shares as per the SEBI (ICDR) Regulations, 2018.”
GG Engineering, headquartered in Mumbai, has reported impressive financial results for March 2024. Their net sales soared to Rs 76.42 crore, marking a remarkable increase of 206.57 per cent compared to March 2023, when it stood at Rs 24.93 crore. Additionally, the quarterly net profit for March 2024 reached Rs 5.47 crore, showing a slight uptick of 1.87 per cent from the previous year’s figure of Rs 5.37 crore in March 2023.
The company, specializing in heavy electrical equipment manufacturing, has seen a substantial growth in its share value. Over the past six months, GG Engineering shares have yielded a positive return of 86.55 per cent. Moreover, over the course of the last year, the company’s stock has surged by an impressive 146.67 per cent.
Meanwhile, equity benchmark Sensex plummeted over 700 points to sink below the 74,000 level and Nifty retreated from a record high on Friday as investors pared exposure to telecom, capital goods and tech stocks. Heavy selling pressure in Reliance Industries, L&T and HDFC Bank counters also pulled indices down, traders said.
The 30-share BSE Sensex dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day’s low of 73,467.73.
The NSE Nifty also declined 172.35 points or 0.76 per cent to 22,475.85. The benchmark hit a record 22,794.70 in the early trade, up 146.5 points or 0.64 per cent. On the weekly front, the BSE benchmark climbed 147.99 points or 0.20 per cent. The NSE Nifty advanced 55.9 points or 0.24 per cent.