OK Play India Surges 5% as Promoter Raises Stake: Multibagger Penny Stock Buzzes in Indian Markets

Shares of OK Play India, a penny stock, rose by 5% to reach ₹13.59 during trading on Tuesday, October 8, following news that the promoter increased their stake.

In a filing with the stock exchange, the company said its board had approved the allocation of 1 crore equity shares to promoter Anandana Handa. This decision came after a special resolution was passed at the Extraordinary General Meeting (EGM) on March 25, 2023, and approved by BSE Limited on March 31, 2023. The shares will be allotted at a price of ₹6.021 per share, which includes a premium of ₹5.021, following SEBI guidelines.

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Anandana Handa has already paid ₹4.5 crore, which is 75% of the total payment.

Additionally, OK Play India mentioned that its shares were split on March 11, 2024, with each ₹10 equity share turning into ten shares of ₹1 each. The prices and the number of shares and warrants have been adjusted accordingly.

The company also reported a 140% rise in net profit year-on-year in Q1 FY 2024-25. OK Play India’s net profit for the quarter was ₹0.87 crore, up from ₹0.36 crore in the same quarter last year.

Stock Price Performance

The stock has gained nearly 11% over the past year, but 2024 has been challenging, with the stock down 20% year-to-date. After dropping over 12% in September, it lost another 1.5% in October. The stock had seen gains in both August (up 6.8%) and July (up 13.4%), but remained flat in June and experienced declines for three straight months before that, falling 1.5% in May, 6% in April, and 27% in March. It started the year positively, rising 12% in February and 1.5% in January.

Even with this recent rise, the stock is still 37% below its 52-week high of ₹21.50, which was reached in February 2024. However, it has increased by 36% from its 52-week low of ₹10 in October last year.

Over the long term, the stock has delivered multibagger returns, rising nearly 450% from ₹2.5 in October 2019. In the last three years, it has climbed over 327% from ₹3.18 in October 2021, showing strong performance in the penny stock category.