Stock of Proseed India has delivered 26,122% returns to its shareholders in six months. The penny stock, which stood at Rs 0.36 on May 19, 2020, rose to a high of Rs 94.40 on BSE on November 18. An amount of Rs 1 lakh invested in Proseed India stock six months ago would have turned into Rs 2.62 crore today.
In comparison, Sensex has risen 19.50% during the period.
However, the stock closed at Rs 94.40 falling 4.98% on Thursday against the previous close of Rs 99.35 on BSE.
The small cap share has lost 18.48% in the last 4 sessions.The stock opened with a loss of 4.98% on November 18 and was stuck at the same level through the session.
Proseed India share stands higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages. Total 0.15 lakh shares changed hands amounting to a turnover of Rs 14.05 lakh on BSE.
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Market cap of the firm fell to Rs 973.22 crore. In a month, the stock has lost 46.5%.
Proseed India share has gained 24,742 per cent since the beginning of this year and climbed 31,366 per cent in one year.
The stellar performance of the stock in the last six months is not in line with the firm’s financials.
The company is a loss making one, a key factor one should consider before entering the counter.
In the last 11 quarters, the firm has clocked zero sales. It last logged sales of Rs 0.54 crore for the quarter ended December 2018.
For the quarter ended September 2021, the company reported widening of loss to Rs 0.46 crore against a loss of Rs 0.09 crore in the corresponding quarter of previous fiscal. On a quarter on quarter basis, the firm’s net loss widened by 53% from Rs 0.30 crore loss.
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Public shareholders held 3% stake in the firm at the end of September quarter. 23,176 shareholders owned 30.95 lakh shares of the agri-biotech seed manufacturer.
Three promoters held 97% stake or 10 crore shares of the firm at the end of last quarter. Small shareholders having individual share capital up to Rs 2 lakh held 2.79% stake in the company. 23,176 shareholders held 30.95 lakh shares of the firm at the end of September quarter of this fiscal.
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In the eight fiscals preceding the March 2021 fiscal, the company has logged losses.
For the fiscal ended March 2021, the firm logged a profit of Rs 12.67 crore.
The company has gone through the corporate insolvency process (CIRP) under the Insolvency and Bankruptcy Code after which the National Company NCLT approved its resolution plan on December 3, 2020,
The agri-biotechnology company is engaged in agri commodities trading and seed businesses in India and in international markets. It is involved in the research and development, production, processing, marketing, and trading of a range of seeds and vegetable crops, as well as in apiculture activities. It was incorporated in 1991 and is headquartered in Hyderabad.
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