LIC-backed penny stock with 1,650 per cent returns: This micro-cap company signs MoU with Philips Corporation, USA – know more here!
The stock gave multibagger returns of 115 per cent in just 5 months and a whopping 1,650 per cent in 3 years.
Jaykay Enterprises Limited has completed the execution of the MoU with Philips Machine Tools India Private Limited, a subsidiary of Philips Corporation, USA, with an intent to synergistically expand each other business pan India and in global markets. The company is engaged in the business of Supplying 3D printing machines and accessories, a 3D printing service bureau and DfAM besides Machining and manufacturing defence and allied products while Philips Corp is engaged in the business of advanced manufacturing technology products and services.
The MoU allows parties to discuss and mutually agree on the terms of setting up a Joint Venture LLP (Limited Liability Partnership) within 3 months of the execution of this MoU. The joint venture aims at the following:
❖ To participate in the supply & installation of manufacturing systems & accessories in India & global locations as parties may decide.
❖ To explore possibilities of setting up a manufacturing facility for supply into Philips Corp Machine tools supply chain of machines systems & accessories.
❖ To explore possibilities of setting up an Industry 4.0 Consulting & manufacturing systems.
On Friday, shares of Jaykay Enterprises Ltd hit a 5 per cent upper circuit to Rs 94.42 per share from its previous closing of Rs 89.93 per share with a spurt in volume by 9.35 times on BSE. The stock’s 52-week high is 94.89 per share and its 52-week low is Rs 40. This penny stock will be in focus on Monday, December 11, 2023. The company has a market cap of over Rs 550 crore.
Jaykay Enterprises Limited was initially engaged in the business of manufacturing nylon and acrylic fibres and later went into registrar and share transfer agent activities and now planning to invest through its associate and subsidiary in various business operations in the area of 3D Printing & Technology. As of September 2023, the Life Insurance Corporation of India (LIC) owns a 2.32 per cent stake in the company.
The stock gave multibagger returns of 115 per cent in just 5 months and a whopping 1,650 per cent in 3 years. Investors should keep an eye on this micro-cap stock.
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