Brightcom Group share price: At today’s high of Rs 27.49, Brightcom is up 196.55 percent from its one-year low of Rs 9.27, which was reached on April 28, 2023, when it became a penny stock. So far in June, nine of the ten meetings have ended with the counter going up. In the last month, Brightcom has gone up by 82.14 percent.
Wednesday was the seventh straight day that shares of Brightcom Group Ltd went up in value. The stock went up 5% from its previous close of Rs 26.19 to hit the upper limit of Rs 27.49. Even though Brightcom Group and its founders broke rules about insider trading and were fined Rs 40 lakh by the market regulator SEBI from April 2020 to August 2021, the stock market went up today.
Geetha Kancharla was fined Rs 12 lakh by the Securities and Exchange Board of India (Sebi). Vijay Kumar Kancharla HUF, Vijay Kumar Kancharla, Karta of HUF, and M Suresh Kumar Reddy (Chairperson and MD) were each fined Rs 6 lakh, and S V Rajyalaxmi Reddy and Brightcom Group were each fined Rs 5 lakh.
Brightcom replied that it is currently talking with its lawyers to carefully look over the order and figure out the next steps, which may include following the instructions given. Brightcom is being looked at by Sebi because there are worries about irregular and wrong filing of shareholding trends.
Brightcom has gone up 196.55 percent from its one-year low of Rs 9.27 on April 28, 2023, when it became a penny stock, to its high of Rs 27.49 today. So far in June, nine of the ten meetings have ended with the counter going up. In the last month, Brightcom has gone up by 82.14 percent. But it has gone down 46.79% in a year and 5.90% so far this year. The stock got its “multibagger” name back at the end of May this year.
The value of the scrip, which is backed by experienced businessman Shankar Sharma, has gone up by 1,244.61% in the last five years. Sharma owns 1.24 percent of the company as of March 2023.
Revenue is estimated to be in the range of Rs 9,196.03 crore to Rs 9,667.63 crore in the fiscal year 2023-24 (FY24), representing a mid-point rise of 27.51 percent over the previous year. Brightcom expects its profit after taxes (PAT) for FY24 to be between Rs 1,659.14 crore and Rs 1,744.23 crore, which is a rise of 24.12% at the midpoint.
This month, the company also sent out a long clarification about its accounting processes, reporting, corporate governance, and other things. “We are actively working to improve our reporting to make sure that the accounting principles are clearer and more detailed,” the company said in an exchange filing.
Bourses The shares of Brightcom Group have been put under the long-term ASM (Additional Surveillance Measure) framework by both BSE and NSE. ASM uses high-low variation, client concentration, close-to-close price variation, average daily volume in a month, and price-to-earnings (P/E) ratio as criteria for shortlisting stocks. Exchanges put stocks in either short-term or long-term ASM frameworks to warn buyers about prices that change a lot.