This little-known firm rallies 222% in 13 sessions; do you own this multibagger?
Microcap company Zenith Exports hit upper circuit for the 13th straight session on Thursday, soaring a whopping 222 per cent during April 9-26.
The scrip jumped to Rs 125.80 from Rs 39 during the period whereas its market capitalisation swelled to Rs 67.88 crore, from Rs 21 crore earlier.
On the increase in share price, the company in a clarification to stock exchanges said, “There are no events, information etc that have a bearing on the operation or performance of the company, which include price sensitive information, which are required to be disclosed to the stock exchanges.”
It added: “Further, there are no major significant changes in business affairs of the company as on date and hence, the movement in price and the volume of shares are totally market driven and we have nothing to say on this.”
Zenith Exports deals in spinning, dyeing, weaving and finish of fabrics. While it's headquartered in Kolkata from where it runs its fashion and accessory divisions, its embroidery factory and administrative offices are in Bangalore. The weaving mills are in Mysore and Bhagalpur.
Promoters were holding 51.75 per cent stake in the company as of March 31 whereas SMC Global Securities, Guiness Securities, BKL Securities and Bhutnath Vanijya Vyapaar Private were among public shareholders.
For October-December 2017, the company reported a net loss of Rs 1.20 crore against profit of Rs 0.50 crore in the same quarter last year. Zenith Exports is yet to unveil its financial results for the March quarter.