Promoters sold 98,796 shares: Low PE penny stock under Rs 20; Board approves Rs 8 crore rights issue

The stock is up by 33 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x.

Jonjua Overseas Ltd is an Indian company involved in various sectors, including service exports, corporate consultancy, agriculture, and the sale of printed books. The company offers services such as service exports, printing of books, agriculture, and domestic service sales. The company has a market cap of Rs 8.44 crore. According to the financials, the company reported positive numbers in its half-yearly results (H1FY25) and annual results (FY24).

The Board of Directors will convene on Thursday, November 21, 2024, at 4:30 PM to deliberate upon various matters, including the finalization of terms and conditions for the proposed Rights Issue of up to Rs 8 crore. This follows the in-principle approval received from BSE on November 12, 2024, and the earlier Board approval on August 12, 2024. The meeting will focus on determining key aspects of the Rights Issue, such as the issue price, size, entitlement ratio, record date, issue period, and other relevant details.

Earlier, HSJONJUA AEROINFRA has partnered with Jonjua Air Limited to launch an Air Taxi Service from Mohali International Airport. The service will utilize diesel-powered Piper Archer DX aircraft to connect Mohali to popular destinations like Shimla, Kullu-Manali, Mata Vaishnu Devi, Badri Nath, and Hemkund Sahib. Jonjua Overseas Limited will consult on the operations. Additionally, HSJONJUA AEROINFRA has reserved two Piper Archer DX aircraft from Piper Aircraft, Inc. to expand its fleet and operations, with Mohali serving as the base.

On Thursday, shares of Jonjua Overseas Ltd plunged 2.04 per cent to Rs 12.50 per share from its previous closing of Rs 12.76 with an intraday high of Rs 12.86 and an intraday low of Rs 12.02. The stock’s 52-week high is Rs 15 and its 52-week low of Rs 9.40. The stock is an SME stock having a lot size of 4,082 shares and currently trading at 1.10 times its book value.

The promoters of the company sold 98,796 shares to 22.89 per cent in September 2024 compared to March 2024. The stock is up by 33 per cent from its 52-week low of Rs 9.40 per share with a PE of 9x whereas the industry PE is 40x. Investors should keep an eye on this micro-cap IT stock under the radar.

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