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Business News/ Markets / Stock Markets/  FMCG penny stock hit 52-week-low as Board declares rights issue in 72:100 ratio
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FMCG penny stock hit 52-week-low as Board declares rights issue in 72:100 ratio

With a market worth of Rs. 47.69 Cr., Gala Global Products Ltd. is a small-cap company that operates in the fast-moving consumer goods (FMCG) industry.

On Friday, the shares of Gala Global Products closed on the BSE at a new 52-week-low level of ₹9.06 apiece, down by 1.95% from the previous close of ₹9.24.Premium
On Friday, the shares of Gala Global Products closed on the BSE at a new 52-week-low level of 9.06 apiece, down by 1.95% from the previous close of 9.24.

With a market worth of Rs. 47.69 Cr., Gala Global Products Ltd. is a small-cap company that operates in the fast-moving consumer goods (FMCG) industry. Gala has ascended to the top of the stationery, printing, and educational industries during the previous three decades. Gala Global Products is the market leader in terms of scholastic stationery, educational products and toys, and cutting-edge printing solutions. The share price of Gala Global Products reached a new 52-week low at closing on Friday after the board of directors approved a 72:100 rights issue.

The company has said in a stock exchange filing that its Board of Directors has “Considered and approved the issue up to 3,93,03,420 Partly Paid-up Equity Shares of Face value 5/- each at issue price of 11.85/- per equity share (including premium of 6.85/- per Equity shares) aggregating of 46,57,45,524.2/- to all existing member of the company on rights basis (right issue)."

The equity shares of 3,93,03,420 have been announced to offer through the rights issue at a face value of 5 per equity share with an issue price of 11.85/- (including a premium of RS 6.85/- per equity share). The issue size of the corporation action is 48 Cr and the rights entitlement ratio is 72 equity shares for every 100 equity shares held by the eligible equity shareholder in the company as on record date with right announce.

In Q3FY23, the company recorded revenue from operations of 15.91 Cr compared to 9.60 Cr in Q3FY22, registering a growth of 65% YoY. The company posted a net profit of 0.42 Cr in the quarter ended December 2022 against a net loss of -0.73 Cr recorded in the year-ago quarter. The EPS of Gala Global Products reached 0.08 in Q3FY23 as compared to 0.13 in Q3FY22.

On Friday, the shares of Gala Global Products closed on the BSE at a new 52-week-low level of 9.06 apiece, down by 1.95% from the previous close of 9.24. The stock recorded a total volume of 16,234 shares, as per the data of BSE. The stock has plummeted 90.27% over the past five years, while the share price has declined 75.58% during the past year. The stock has dropped 90.00% in the past six months and 34.68% year-to-date in 2023. The stock has depreciated by 29.27% over the past month, and by 7.55% during the past five trading days. The stock touched a 52-week-high of 104.00 on (22/08/2022), indicating that at the current market price, the stock is trading at a discount of 91.28% from its 1-year high level. In Q3FY23, the company recorded a promoter shareholding of 49.97% and a public stake of 50.03%.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 05 Feb 2023, 05:57 PM IST
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