Multibagger penny stock rises 1163% in 3 years, Board declares rights issue

The company has said in a stock exchange filing that its Board of Directors has “Approved the proposal of raising of funds through issuance and allotment of equity shares having face value of Re. 1/- (Rupee One Only) (‘Equity Shares’) for an aggregate amount of up to Rs. 48,26,82,960 (Rupees Forty Eight Crores Twenty Six Lakhs Eighty Two Thousands Nine Hundred Sixty Only) on right issue basis, on such terms of conditions as may be decided by the Board of Directors of our Company to the eligible shareholders of the Company, as on the records date (to be notified subsequently) subject to the Securities and Exchange Board of India (Issue of Capital Disclosure Requirements), Regulations, 2018, Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements), Regulations, 2015, and Companies Act, 2013 and the rules made thereunder, as amended from time to time, (‘Right Issue’).”

In comparison to the Rs. 2.25 crore reported in Q2FY22, the firm reported net sales of Rs. 2.30 crore in Q2FY23, a YoY growth of 2.22%. In Q2FY23, the firm reported a net profit of Rs. 1.94 crore compared to Rs. 2.14 crore in Q2FY22, a YoY decline of 9.34%. In the quarter ended September 2022, EBITDA reached Rs. 1.94 crore, down 9.34% from Rs. 2.14 crore posted in the quarter ended September 2021. From Rs. 0.0212 in Q2FY22 to Rs. 0.0193 in Q2FY23, the Indian Infotech EPS has declined.

The shares of Indian Infotech and Software Ltd closed on Friday at ₹2.40 apiece, up by 1.27% from the previous close of ₹2.37. During its last trading session, the stock recorded a total volume of 2,976,662 shares compared to the 20-Day average volume of 2,621,197 shares. The stock has produced a multibagger return of 1,168.42% over the past five years, while the scrip has produced a multibagger return of 1,163.16% during the past three years. The stock has lost 14.84 percent over the past year, and it has plummeted 72.7 percent YTD in 2022. For the quarter ended September or Q2FY23, the company posted a promoter stake of 16.41%, DIIs stake of 0.22% and a public shareholding of 83.38%.