In the third quarter of FY24, Mercury Trade Links Limited saw a remarkable surge in Profit After Tax by over 4000 per cent, accompanied by continuous upper circuit hits in its stock price.
The company has shifted its primary business focus from “Financial and insurance services” to “Agro-related products.” It deals in trading various agro products such as fertilizers, manures, pesticides, grains, seeds, and more.
Foreign Institutional Investors (FIIs) now hold 22.04 per cent stake in the company, with notable names like Nexpact Limited and Craft Emerging Market Fund among them. This rise in FII ownership signifies growing international interest in the company’s future prospects.
On February 17, 2024, the Board of Directors approved a rights issue for eligible shareholders, with a cap of Rs 9,90,00,000. The company’s stock closed at Rs 7.67 per share, marking a gain of 4.92 per cent and hitting a 52-week high price.
Moreover, the stock has delivered a significant return of around 136 per cent in the past month. In the December quarter of FY24, the company witnessed a substantial increase in net profit by approximately 4040 per cent. The Profit After Tax in Q3 FY24 stood at Rs 0.39 crore, compared to a loss of Rs 0.01 crore in the same quarter last year.
Investors are advised to keep an eye on this penny stock, as it shows promising potential for growth.