Shares of Brightcom Group Ltd rose 2.34 per cent to settle at Rs 18.14 on Tuesday. At this price, the scrip has tanked 50.73 per cent from its one-year high of Rs 36.82, a level seen on June 22, 2023. Despite the mentioned fall, the counter has gained 95.68 per cent from its 52-week low price of Rs 9.27, hit on April 28 last year when it turned into a penny stock.
There have been delays by the company in financial reporting, annual general meeting (AGM) scheduling and C-suite level appointments. It was under Securities and Exchange Board of India's (Sebi's) watch over preferential issue of shares and warrants.
Today, it shared a snapshot of its financial performance for Q2 of FY 2023-24. "In terms of consolidated revenue, we're looking at Rs 1,813.28 crore, up by 7.91 per cent from last year. Our PAT (Profit After Tax) climbed to Rs 352.16 crore, marking a 9.82 per cent increase year-over-year. EBIDTA hit Rs 551.82 crore, a 6.49 per cent bump up from the same quarter last year," the company stated.
"For the half-year mark, revenue reached Rs 3,503.76 crore, which is a 10.95 per cent jump from last year. We've managed to push PAT to Rs 673.64 crore, reflecting a 12.66 per cent increase from last year," it added.
Stay tuned for the final numbers in the coming two weeks, Brightcom further mentioned. The firm also informed that its company secretary -- Rajesh Vankadara -- has resigned due to personal reasons.
Brightcom's stock saw heavy trading volume on BSE today as 68.11 lakh shares changed hands. The figure was higher than the two-week average volume of 40.43 lakh shares. Turnover on the counter Rs 12.05 crore, commanding a market capitalisation (m-cap) of Rs 3,660.51 crore.
"Technically, the counter looks erratic on charts. Support is maintained near Rs 16 level. The stock would need a decisive breach above the Rs 18.60 zone to improve the bias for a near-term target of Rs 20.30," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Support will be at Rs 16 and resistance at Rs 19. A decisive close above Rs 19 level may trigger a further upside till Rs 21," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers,
"Support will be around Rs 16. And, a closing above Rs 19 may lead to a near-term target of Rs 21," said AR Ramachandran from Tips2trades said
As of December 2023, promoters held a 18.38 per cent stake in the firm.
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