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Penny stock hits 10% upper circuit after leasing 64,000 sq. yards of land for the cultivation of Moringa

Ajooni Biotech Ltd, a compounded animal feed manufacturer, saw its shares rise by 10 percent to Rs 6.30 per share after leasing 64,000 sq. yards of land for Moringa cultivation. The company’s market capitalization stands at Rs 110.39 crore, with shares trading at a 9.57 percent increase from the previous closing price of Rs 5.75.

The company has leased land in Derabassi, Punjab for Moringa nursery and plantation, with plans to expand cultivation to Rajasthan and Gujarat. This initiative aims to improve milch animal nutrition, increase productivity, and reduce global warming.

Moringa leaves are used in Neutraceutical Industries due to their rich amino acid content. They enhance the nutritional value of feed, improve cattle health, and boost milk production by 10-15 percent. Additionally, Moringa oil can be used to create aviation fuel, while the bark has potential applications in charcoal production and lithium extraction for EV batteries.

Ajooni Biotech Ltd’s revenue surged by 88 percent from Rs 10.63 crore in Q3FY23 to Rs 20.05 crore in Q3FY24. Net profit also saw a 300 percent increase during the same period. However, the company’s return on equity and return on capital employed declined, while the net profit margin stood at 2.75 percent in fiscal year 22-23.

The company manufactures compounded animal feed and feed supplements, catering to the needs of various animals throughout their life cycles. Investors should exercise caution while trading in equities, as investing in stocks carries a risk of financial losses. It is advisable to consult with an investment advisor before making any investment decisions.

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