Penny stock below ₹10 hits upper circuit for third straight session; here’s why
Spright Agro shares reached a 5% upper circuit of ₹8.11 on February 13, marking a 15% increase over three sessions. The company dismissed false rumors about insider trading, emphasizing its commitment to long-term growth and integrity, while reporting significant revenue growth for the quarter.
Shares of penny stock Spright Agro hit its 5 percent upper circuit of ₹8.11 on Thursday, February 13, in an otherwise weak market. This is the third straight upper circuit for the stock since February 11. In these 3 sessions, it has climbed over 15 percent.
On February 11, the firm made clarifications regarding the recent misinformation about the company. It stated that certain individuals have spread false rumors alleging involvement in speculative and insider trading, claims that were echoed by some news agencies without verification.
The company strongly condemned these accusations, emphasizing its commitment to long-term wealth creation through sustainable business growth. It reaffirmed that it has no involvement in speculative activities and is taking necessary steps to safeguard its reputation. Highlighting its financial growth and upcoming projects, Spright Agro assured stakeholders of its dedication to integrity and transparency.
"We wish to unequivocally clarify that Spright Agro Limited is committed solely to long-term wealth creation through the sustainable growth and prosperity of our business. Our focus remains on creating value for our stakeholders, employees, and the communities we serve We are not, in any way, directly or indirectly involved in speculative trading or insider trading. These misleading reports tarnish our hard-earned reputation, and we are taking every necessary step to protect it," stated the firm.
Financial Performance
Spright Agro reported a revenue of Rs. 5,499.27 lakh for the quarter ended December 2024, marking a 142.56 percent surge from Rs. 2,267.15 lakh in the same quarter last year. Net profit for the quarter stood at Rs. 708.88 lakh, reflecting a 28.9 percent rise from Rs. 550.04 lakh in the year-ago period.
For the nine-month period ending December 2024, the company's revenue soared 464.4 percent to Rs. 16,204.60 lakh, compared to Rs. 2,870.78 lakh in the previous year’s corresponding period. Notably, this nine-month revenue surpassed more than twice the total revenue of Rs. 7,258.90 lakh recorded in the entire financial year 2023-24.
Stock Price Trend
The stock has added over 12 percent in the last 1 year. Moreover, just in February so far, it has jumped over 15 percent after almost 56 percent decline in January 2025.
Currently at ₹8.11, the penny stock is almost 82 percent away from its 52-week high of ₹44.66, hit in August 2024. Meanwhile, it has advanced 52 percent from its 52-week low of ₹5.33, recorded in October 2024.
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