Multibagger penny stock below ₹10 secures order of ₹10 Cr, scrip up over 300% in 1 year
Gradiente Infotainment is a small cap company that recorded a market cap of ₹16.33 Cr during Friday’s closing session. During its last trading session, the stock ended on a green note by 3% after the company secures an order of ₹10 Cr from an international Joint Stock company headquartered in Ukraine.
For its US operations, Gradiente Infotainment Limited has been awarded a GIS Project by VISICOM, an international joint-stock corporation with its headquarters in Ukraine. The order is a part of Gradiente’s goal to expand and diversify its IT Division, which will invest INR 100 million (Rs. 10 crores) in the IT & ITES sector.
“The entire expansion of Gradiente is likely to be funded partly by private placement, preferential allotment, debt & ADRs. Currently, Gradiente is actively traded on Bombay Stock Exchange (BSE). The company completed its first round of funding by way of preferential allotment of 16,807,600 equity shares @ Rs. 10/- per share, thereby increasing its authorized capital to 40,000,000 shares & paid-up equity to 39,325,000 shares,” said Gradiente Infotainment in a stock exchange filing.
VISCOM has already completed the first batch of work, and billing for it is expected to occur between April 30 and May 7 of 2023. “This project has a potential to achieve a top-line of INR 100 Million (Rs. 10 crores) approx. and a bottom line of INR 20 Million (Rs. 2 crores) approx. for the FY 2023-24,” said Gradiente Infotainment.
A meeting of the Board of Directors of the company is scheduled to be held on Friday, 5th May, 2023 to consider and approve the financial results for the quarter ended 31st March, 2023 and the execution of GIS project received from VISCOM, a Global company headquartered in Ukraine, according to Gradiente Infotainment.
The Board will also consider establishing a branch or subsidiary in Dubai or Singapore, for aggregating, collaborating and operating Multimedia channels, worldwide, establishing a company for JV with Bu Abdullah Group in Media and Entertainment business in MENA and African region and raising funds by issuing of securities on preferential basis, said Gradiente Infotainment.
On Friday, the shares of Gradiente Infotainment closed on the BSE at ₹7.05 apiece level, up by 3.83% from the previous close of ₹6.79. The stock has rallied 307.51% in the last 1 year and on a YTD basis it has fallen 10.76% so far in 2023. The stock touched a 52-week-high of ₹9.68 on (14/12/2022) and a 52-week-low of ₹1.65 on (08/07/2022).
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