Brightcom Group Ltd shares hit their upper circuit limit on Monday, settling 5 per cent higher at Rs 9.97. A stock valued below Rs 10 per share is typically considered a penny stock. The surge came after the company announced that it will release its second quarter (Q2 FY24) and half-year results for the period ending September 30 last year on June 11.
The Board of Directors meeting is scheduled for June 11, 2024, to discuss and approve the un-audited financial results. The company did not provide any updates on the Q3 FY24 results.
The stock turned ‘bearish’ following a notice from the NSE about the potential suspension of trading. It has declined by 18.94 per cent in the past month and 47.58 per cent in 2024 so far.
Brightcom has faced delays in financial reporting, AGM scheduling, and C-suite appointments. The Securities and Exchange Board of India (Sebi) has been monitoring the company over issues related to preferential issue of shares and warrants.
The company clarified on various topics such as shareholding, MediaMint, appointments, and ESOP. It assured transparency in the shareholding structure and mentioned plans to cancel previously issued shares to MediaMint. New board members and senior executives are being appointed, and details of the ESOP plan are being finalized.
The company is working on strategic initiatives and partnerships to ensure stable growth in the coming months. The technical setup shows the stock trading below various moving averages and with an RSI of 37.98.
The stock has a P/E ratio of 106.02, P/B value of 1.22, EPS of 0.09, and ROE of 1.15. Promoters hold an 18.38 per cent stake, with seasoned investor Shankar Sharma owning 1.14 per cent of the company’s shares.
Disclaimer: This article provides stock market news for informational purposes only and should not be considered investment advice. It is recommended to consult with a qualified financial advisor before making any investment decisions.