Sensex and Nifty 50 both gained over 3% last week, but on Friday, Sensex closed 30 points lower at 58,191.29, while Nifty 50 closed 17 points lower at 17,314.65. The Sensex overall rose over 1,775 points last week, while the Nifty 50 rose over 530 points. In the coming week, the market will focus on quarterly earnings, especially IT stocks like TCS, Wipro, HCL Tech and Infosys, whose corporate results will be in the headlines. Notwithstanding the above assumption, here the multibagger stock with high promoter stake is likely to remain in focus tomorrow, October 10, Monday, let us know how.
Ratanindia Enterprises Limited
RatanIndia Enterprises Ltd on Friday said it is acquiring 100% stake in Revolt Motors, the industry leader in electric motorbikes. The company had previously acquired Revolt’s 33.84% shareholding, with an opportunity to expand its shareholding. The most popular electric motorbike brand in the country is Revolt Motors. In the last one year, Revolt Motors has established its presence across India by opening 29 dealership outlets in various Indian cities.
Speaking on the deal, Mrs Anjali Ratan, Business Chairperson, RatanIndia Enterprises Ltd said, “The Revolt is currently the best EV bike the world has ever produced. It is truly world class in all aspects – its technology, cost, build quality and performance. With this acquisition of 100% shareholding in Revolt Motors, we are doubling down on our belief that the electric vehicle revolution in the country is coming faster than we expected. I have no doubt that what is good for the environment and the country makes a great business. Indians are very keen customers when they see value. We are ready for the next phase of development for Revolt Motors.”
Rahul Sharma, MD, Revolt, said, “It is a proud moment for me as we pass the baton for the next phase of the rebellion’s growth path. I am very proud of what we have built out of the rebellion. The rebels are proud of their rebellion. We love our bikes and there is a huge demand for our bikes. I am sure the rebellion revolution has just started.”
Shares of RatanIndia Enterprises closed at Rs. 53.80 per piece, up 8.03% from previous close. As against the 20-day average volume of 49.80 2,317,677 shares, the total volume of the stock stood at 9,908,280 shares on Friday. The stock has delivered a multibagger return of 852.21% in the last five years and a staggering multibagger return of 3163.64% during the last three years. The stock has appreciated 7.71% YTD so far in 2022. For the quarter ended June 2022, the company recorded promoter shareholding of 74.80%, FII of 9.41% (up 0.38% by QoQ), DII of 0.02% and public shareholding. share of 15.76% (down from 0.40% QoQ). The promoter stake of RatanIndia Enterprises recorded in Q1 is much higher than its peers like JSW Energy, Tata Power, Power Grid, NTPC, Adani Green and Adani Transmission.
Deep Industries Limited
On Friday, the company said in a stock exchange filing that “it is ahead of our disclosure dated February 7, 2022, whereby the company informed stakeholders that on February 7, 2022, the committee of creditors of Miss. Dolphin Offshore Enterprises (India) ) Limited (Corporate Debtors’ or ‘Dolphins’) has approved the resolution plan submitted by Deep Industries Limited (Deep’) through its wholly owned subsidiary – Deep Onshore Services Private Limited (‘Deep Onshore’). Acquisition of Dolphin subject to obtaining necessary approvals from the Adjudicating Authority i.e. NCLT. In this regard, we would also like to inform you that as per Section 31(1) of the Insolvency and Bankruptcy Code, 2016, Hon’ble NCLT Mumbai Bench, Deep Industries Ltd. (“Deep”) has approved the resolution plan submitted by its wholly owned subsidiary – Deep Onshore Services Private Limited (“Deep Onshore”) for the acquisition of Dolphin Offshore Enterprises (India) Limited (Dolphin) insolvency and Corporate Insolvency Status of Bankruptcy Code 2016 (‘Code’) under the resolution process (‘CIRP’).”
Shares of Deep Industries Limited were trading at Rs. 310.50 per piece, up 4.49 per cent from the previous close of Rs. 297.15. In contrast to the 20-day average volume of 234,584 shares, the total volume of stock on Friday was 1,074,685 shares. The stock has delivered a multibagger return of 654.56% over the past five years, and has climbed 92.14% in the past year. The stock has appreciated 97.08% YTD so far in 2022. For the quarter ended June 2022, the company reported promoter shareholding of 63.99%, FII (below QoQ) of 2.00%, government holding of 0.02% and public shareholding of 33.99% (by 1.72% QoQ). The promoter stake of Deep Industries recorded in Q1 is much higher than its peers like Mahanagar Gas, Gujarat State Petronet Ltd, Indraprastha Gas, Petronet LNG and GAIL.
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