Shares of Brightcom Group resumed fall on Monday after a two-session halt. The stock dived 6.62 per cent to settle at Rs 15.67 on BSE. At yesterday's closing price, it has plunged 57.44 per cent from its one-year high value of Rs 36.82, a level seen on June 22, 2023. Despite the mentioned drop, the counter has moved 69.04 per cent higher compared to 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 terms of financial reporting, annual general meeting (AGM) scheduling and C-suite level appointments. It was also under Securities and Exchange Board of India's (Sebi's) watch over preferential issue of shares and warrants.
Earlier this month, 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," 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, Brightcom further mentioned. In addition, the firm informed that Rajesh Vankadara has resigned as company secretary, citing personal reasons.
In February, the Securities and Exchange Board of India had refused to lift the securities market restriction imposed on Suresh Kumar Reddy, promoter of Brightcom Group.
22 entities were previously prohibited by Sebi from disposing of Brightcom Group shares held by them. The market regulator has reduced this restriction list to 18 entities. It revoked prohibition against a few entities, including investor Shankar Sharma. As of December 2023, Sharma owns a 1.14 per cent stake in the company.
On technical setup, support on the counter could be seen at Rs 14.5, followed by Rs 12 level. Resistance may be found around the Rs 17 zone.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 14.5 and resistance at Rs 17.5. A decisive close above Rs 17.5 level may trigger a further upside till Rs 20. Expected trading range will be between Rs 14 and Rs 21 for a month."
DRS Finvest founder Ravi Singh said, "The stock looked very weak on daily charts. It may slip towards Rs 12 level. Resistance will be at Rs 17."