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Penny stock OK Play India surges by 5% after promoter increases stake

Stocks
2 min Read Oct 9, 2024
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Shares of penny stock OK Play India surged by 5% to ₹13.59 on October 8, 2024, reaching their upper circuit limit. This upward movement came after the company’s promoter, Anandana Handa, increased their stake by purchasing 1 crore shares at ₹6.021 per share. This purchase followed an earlier board-approved resolution.

Promoter stake increase impacts share market investment

This surge in OK Play India's stock is a significant development for investors interested in share market investments. The stock, despite experiencing a challenging 2024 with a 20% year-to-date drop, has proven resilient. The company has seen a massive rise of 450% since October 2019, showing potential for substantial returns over the long term.

Share split and company performance

OK Play India also underwent a share split in March 2024, converting each ₹10 equity share into ten ₹1 shares, increasing liquidity and making it more accessible for share market investment. The company reported a net profit growth of 140% year-on-year in Q1 FY 2024-25, with profits reaching ₹0.87 crore, up from ₹0.36 crore in the same period the previous year. This performance further signals positive growth for investors seeking to capitalise on this penny stock's potential.

Stock trends and long-term prospects for investors

Despite a volatile 2024, OK Play India has delivered multibagger returns, rallying over 327% since October 2021. This remarkable performance makes it a highly attractive option for share market investment, particularly for those seeking long-term gains. The stock is currently 37% below its 52-week high of ₹21.50, but with this recent promoter activity and the company’s improving profitability, there’s potential for further growth.

For investors exploring share market investment strategies, OK Play India’s recent movements highlight the potential for penny stocks to offer lucrative returns, particularly in growing industries. Although these stocks come with high risks, OK Play India's track record and recent developments make it worth monitoring closely for further opportunities.