Brightcom Group shares climbed 2% on quarterly results, AGM & appointment update. Key details

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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