Rakesh Jhunjhunwala stock market news: THIS small cap share soars nearly 80% in 13 sessions on Big Bull's investment news in the company

This stock, in which Rakesh Jhunjhunwala made an investment of over Rs 30 crore through a preferential route, hit an upper circuit of 5 per cent, and touched a new record high of Rs 960.5 a share for the straight 13th session on the BSE today. The counter has surged 79.50 per cent since its first-quarter results were declared on July 23, 2021 

Raghav Productivity Enhancers reported around an eight-fold jump in the net profit to Rs 4.28 crore in Q1 FY22 as compared to Rs 0.58 crore in the same quarter year ago. While reported double topline in Q1 to Rs 20.61 crore from Rs 9.07 crore in Q1FY21.

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The scrip has lately been into focus, after Rakesh Jhunjhunwala, who is also called the Big Bull of the Indian stock market, made an investment of over Rs 30 crore through a preferential route. 

As per the company’s filing to exchanges on August 1, 2021, “The Board of Directors approved to issue Unsecured Compulsory Convertible Debentures (CCDs) for an amount of up to a maximum of Rs. 30,90,00,000 by way of a Preferential Allotment on Private Placement basis.” 

The investor name, it mentions as Rakesh Jhunjhunwala and the number of CCDs allotted is up to 6,00,000, the release mentioned. 

The company says these CCDs allotments are subject to the approval of shareholders at the ensuing general meeting and other necessary approvals. The Board approved the conversion price of equity share at the higher of Rs. 515 per share including the premium of Rs. 505 per share. 

The stock was trading higher for the 16th consecutive day and has zoomed 86 per cent during the period. In the past three months, the stock has zoomed 222 per cent, as against a 10.4 per cent gain in the S&P BSE Sensex.

Raghav Productivity Enhancers (REPL) is the largest ramming mass producers in the world. Based out of Jaipur, Rajasthan, with a production capacity of around 180,000 TPA, RPEL has many renowned global and domestic steel manufacturers and foundries as its customers.