Shares of Brightcom Group climbed 10 per cent in Wednesday’s trade amid heavy volumes. The scrip rose 9.6 per cent to hit a high of Rs 35.90 in morning trade. A total of 61.83 lakh Brightcom Group shares changed hands, which was double the average of 30.70 lakh shares that changed hands in the last two weeks on BSE.
That said, against buy orders of 7,00,835 shares, there were 18,30,802 sell orders on BSE. On NSE, a total of 3,56,43,168 shares changed hands. The turnover stood at Rs 123.28 crore.
The company was in news recently amid reports the NSDL accounts of the promoters were frozen. The company later clarified that its promoter shares were not frozen, “contrary to malicious rumours on social media.”
The company noted that the matter was in connection with the delay in the joining date of the new Company Secretary that the promoter NSDL accounts were frozen on November 25 as per Section 6 of SEBI LODR, 2015. But the Company Secretary was already appointed on November 12 board meeting and the company had informed the exchanges. Post that, the authorities instructed that the accounts be unfrozen on November 29, it said.
A recent Motilal Oswal Wealth Creation study suggests Brightcom Group was the fourth fastest wealth creator between 2017-2022, with a 5-year CAGR of 92 per cent. PAT for the company grew 16 per cent compounded annually during the same period.
Brightcom Group consolidates Ad-tech, New Media and IoT based businesses across the globe, primarily in the digital eco-system. Brightcom consumer products division is focused on IoT. The company has presence in the US, Israel, Latin America ME, Western Europe and Asia Pacific regions.