FIIs bought 6 per cent stake in FY24: Heavy buying in this multibagger penny stock at Rs 61.42; Spurt in volume by more than 5 times on BSE

FIIs bought 6 per cent stake in FY24: Heavy buying in this multibagger penny stock at Rs 61.42; Spurt in volume by more than 5 times on BSE

Kiran Shroff
/ Categories: Trending, Multibaggers

The stock gave multibagger returns of 375 per cent in 3 years and a whopping 2,500 per cent in a decade.

Today, the stock market was trading in blood red with the BSE Sensex Index down 1 per cent and the NSE Nifty-50 Index down 1.07 per cent. Though the market was trading in blood red, shares of BCL Industries Ltd gained over 10 per cent to an intraday high of Rs 61.42 per share from its previous closing of Rs 55.76. The stock’s 52-week high is Rs 86.25 while its 52-week low is Rs 42.70. The shares of the company saw a spurt in volume by more than 5 times on BSE.

BCL Industries Limited is one of India’s largest agro-processing manufacturing companies with diverse businesses and vertical integrations. Established in 1976, BCL Industries Limited is engaged in edible oils, rice milling, grain-based distilleries and real estate. It is present in Punjab and West Bengal. BCL Industries Ltd Limited is a part of the Mittal group with a market cap of over Rs 1,600 crore.  

The company had a strong financial performance in both Q3FY24 and 9MFY24. In Q3FY24, quarterly income increased by 28.7 per cent to Rs 646.24 crore, and net profit jumped by 66.7 per cent to Rs 32.78 crore compared to Q2FY24. According to nine-month results (9MFY24), net sales rose 16.4 per cent to Rs 1,586.97 crore, and net profit grew by an impressive 81.6 per cent to Rs 72.20 crore.

Also Read: FII was allocated 3,25,00,000 shares on conversion of warrants into equity shares of this multibagger penny stock below Rs 20 with a Rs 2,326 crore order book!

An ace investor, Sangeetha S own a 1.23 per cent stake in the company as of March 2024 while Foreign Institutional Investors (FIIs) bought a 6 per cent stake in the company and increased their stake to 6.41 per cent in FY24 compared to 0.41. per cent in March 2023. According to shareholding patterns as of March 2024, the promoters own 56.08 per cent, FIIs own 6.41 per cent and the public owns 37.51 per cent stake in the company.

Earlier, in FY24, the company and its subsidiary Svaksha Distillery Limited secured ethanol supply contracts worth Rs 561 crore from leading Oil Marketing Companies (OMCs) - BPCL, IOCL, HPCL, and RIL. The total volume committed amounts to a staggering 8.20 crore litres.  

The stock gave multibagger returns of 375 per cent in 3 years and a whopping 2,500 per cent in a decade. Investors should keep an eye on this Small-Cap stock.  

Disclaimer: The article is for informational purposes only and not investment advice

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