From Rs 7 to Rs 59: This penny stock turned into a multibagger in 2022

Shares of Tine Agro have rallied 763 per cent in the year 2022. The penny stock, which closed at Rs 6.8 on December 31, 2021, rose to a high of Rs 58.70 on the BSE on March 10, 2022.

An amount of Rs 1 lakh invested in the shares of Tine Agro on December 31 would have turned into Rs 8.63 lakh on March 10. In comparison, Sensex lost 4.79 per cent during the period. The stock of the textile manufacturer closed 4.94 per cent lower at Rs 58.70 on March 10. The micro-cap stock opened with a loss of 4.94% on March 10 and traded at the lower circuit through the session.

Tine Agro shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Tine Agro shares have gained 124 per cent in a month and risen 15.32 percent in a week. Market cap of the firm stood at Rs 33.30 crore on BSE.

In early trade today, the share hit lower circuit of 4.94 per cent to Rs 55.80 on BSE. The share has lost 9.64 per cent in two sessions.

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Total 7,639 shares of the firm changed hands amounting to a turnover of Rs 4.26 lakh today. The stock hit a 52-week low of Rs 3.90 on 12 September, 2021 and touched a 52-week high of Rs 61.75 on March 9 this year.

3,714 public shareholders owned 100 per cent stake for the quarter ended December 2021. Of these, 3,659 public shareholders held 42.63 per cent stake or 24.18 lakh shares with capital up to Rs 2 lakh. 26 shareholders held 51.56 per cent or 29.24 lakh shares with individual capital in excess of Rs 2 lakh.

One mutual fund held 3.53 per cent stake or two lakh shares in Q3 of the current fiscal.

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One should be extra cautious while investing in this firm. Currently, the Ahmedabad-based firm is under short-term additional surveillance measure (ASM) stage-two framework on the BSE due to high volatility. Also, the firm did not report any sales during the last few quarters. From the quarter ended March 2019 to December 2020, the firm reported zero sales.

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Of late, the company has reported strong quarterly performance. In the December 2021 quarter, net profit rose 950 per cent to Rs 0.51 crore against Rs 0.06 crore loss in the corresponding quarter of previous fiscal.

Sales climbed to Rs 4.5 crore for the quarter ended December 2021 against zero sales in the corresponding quarter of the previous fiscal.

For the fiscal ended March 2021, net profit rose 231.25 per cent to Rs 0.21 crore against Rs 0.16 crore loss for the fiscal ended March 2020. Sales for the March 2021 fiscal stood at Rs 0.33 crore against zero sales in the previous fiscal. The firm has reported zero sales in 10 fiscals out of 11 since March 2008 fiscal.

Tine Agro manufactures textile, woollen and furniture products with a pan-India reach. The company was established back in 1994 and markets its products to manufacturers in clothing and furniture throughout India.

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