The company received a project worth crores of rupees, as a foreign investor bought 45 lakh shares at a price lower than ₹10. This is good news for investors betting on penny stocks in the share market. The foreign investor has invested significantly in GG Engineering, which values shares at ₹5.
They have purchased 45 lakh shares of GG Engineering. The stock price of the company was around ₹1.22 per share on the BSE on Thursday. Let's delve into the details of this investment.
A firm from Mauritius purchased 45 lakh shares.
According to the information provided to the stock markets, the firm Vikas Global Fund PCC from Mauritius has acquired 45 lakh shares of GG Engineering. The firm paid ₹1.40 per share. This deal took place on August 9th. However, after news of this deal, the shares witnessed a substantial decline on Thursday. The company's shares have fallen by more than 14%.
The company has received a project worth crores of rupees.
The company has been in the limelight for the past few days due to securing a work order worth ₹21 crores. The company will supply iron raw materials. GG Engineering has stated that they will fulfill this order within 30 to 45 days. Additionally, the company recently issued rights at ₹1 per share.
Impressive performance in the stock market.
GG Engineering has a market capitalization of ₹108 crores. The company's 52-week high is ₹3.16 per share, while the 52-week low is ₹0.74 per share. Despite the significant decline seen on Thursday, positional investors have received returns of over 10% in the past month.