Multibagger stock: Up 2,300% since May 2022, this microcap share is hitting upper circuit everyday!

A microcap stock has been hitting its upper circuit limit everyday and is up a whopping 2,300 per cent in the last 11 months. On Monday, the scrip hit a fresh high of Rs 49.70 level, which was 24 times its 52-week low of Rs 2.07 apiece.

Retail investors, owning up to Rs 2 lakh worth shares, accounted for 62.97 per cent stake in this company, as of December 31; promoters owned 28.89 per cent while institutional holding was nil.  This is Pulsar International.

Pulsar International was incorporated on October 15, 1990 with main objectives of trading and offering consultancy services. At present, the company operates as an investment company and is currently engaged in dealing in mutual fund units, as per corporate database AceEquity.

Data showed the stock is quite illiquid. A total of 469 shares changed hands on this stock against a two week average of 668 stocks. The scrip is up 157 per cent in the last one month. It spurted 1,139.40 per cent in 2023 so far and zoomed 1,988 per cent in the last six months. Once a penny stock, the scrip jumped 2300 since May 5, 2022.

The company CFO Preeti Pranav Sanghavi and an independent director Rupal Patel resigned from the company board in February, citing pre-occupation with other engagement.

For the December quarter, the company reported revenues of Rs 16 lakh compared with nil revenue in the year-ago period. Profit for the quarter stood at Rs 10.30 lakhs against a loss of Rs 2.2 lakh in the year-ago quarter. Operating profit margin for the quarter ended stood at 1.03 compared with minus 0.22 per cent of corresponding quarter last year, as per AceEquity.

In its limited review report, the company auditor said nothing has come to its attention that causes it to believe that the statement prepared did not disclose the information that was required to be disclosed in terms of Sebi listing and disclosure regulations.

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