Penny stock below Re 1: Mauritius-based FII buys stake in THIS stock via bulk deal; Do you own? | Stock Market News
Penny stock below Re 1: A Mauritius-based foreign institutional investor (FII), Al Maha Investment Fund PCC, bought a stake in penny stock Sharanam Infraproject and Trading Ltd. via a bulk deal on Tuesday, February 25. According to BSE bulk deal data, Sharanam Infraproject and Trading Ltd witnessed a major institutional inflow, with Al Maha Investment Fund PCC- ONYX Strategy acquiring nearly 9,000,000 shares at Re 0.86/share through the bulk deal.
According to the company’s statement on Tuesday, the significant investment via bulk deal highlights growing institutional confidence in the growth potential and future prospects. Sharanam Infraproject and Trading Ltd supplies building materials to cater to the construction and real estate industries.
Penny stock below Re 1: Sharanam Infraproject and Trading Q3 Results
In the December 2024 quarter, the company reported a 518 per cent sequential increase in net profit, with total revenue surging by 3,563 per cent quarter-on-quarter (QoQ). This dramatic financial improvement underscores the company’s ability to scale operations efficiently and capitalize on growth opportunities.
The penny stock has gained 3.61 per cent in the last five trading sessions and 26.47 per cent in the last six months. Shares of Sharanam Infraproject and Trading opened at ₹0.86 on Tuesday and hit an intraday high of ₹0.87 before settling 1.18 per cent higher at ₹0.86 apiece on the BSE. The infrastructure project company commands a market cap of ₹51.09 crore.
The company said the transition from negative to positive earnings year-on-year places Sharanam Infraproject in a position of potential re-rating. “One of the strongest factors in its favour is its debt profile, which makes it more resilient,” said the company’s statement. The firm works on infrastructure projects by providing essential materials that meet basic industry standards.
Stock market today
Domestic equity benchmarks Sensex and Nifty 50 experienced a range-bound trade on Tuesday, February 25, ending its five-day slide, driven by renewed buying in financial and consumer goods shares ahead of the Mahashivratri market holiday and the monthly derivatives expiry, due on Thursday.
The BSE benchmark Sensex climbed 147.71 points or 0.20 per cent to settle at 74,602.12, with 17 of its constituents ending higher and 13 with losses. During the day, it rallied 330.67 points or 0.44 per cent to 74,785.08. The broader Nifty of NSE, however, fell for the sixth day, slipping by 5.80 points or 0.03 per cent to finish at 22,547.55 due to fag-end selling in pharma, metal and IT shares.
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