Small-cap stock below ₹5: Mauritius-based FII buys stake in this penny stock
Small-cap stock below ₹5: GG Engineering shares are one of the newsmaker scrips in stock market today. The penny stock has attracted foreign institutional investor's attention as Mauritius-based FII Vikas Global Fund PCC has bought fresh stake in the small-cap stock priced below ₹5. The FII bought 45 lakh company shares paying ₹1.40 per share.
The handshake was done in a bulk deal executed on 9th August 2023. Details of this bulk deal is available on BSE website. As per the information available on BSE website under bulk deals category, the Mauritius-based FII has bought 45 lakh GG Engineering shares at a price of ₹1.40 per share.
This means, the FII has pumped ₹63 lakh in the penny stock, which has a market cap of around ₹108 crore. However, negative sentiments on Dalal Street failed to boost the morale of stock market bulls in regard to this penny stock as the stock is trading around 14 per cent lower from its yesterday's close. GG Engineering Ltd was in news recently for receiving ₹21 crore order for supplying iron raw materials to prominent industrial houses.
the small-cap company informed BSE about the order citing, “G.G. Engineering Limited is glad to announce having won orders valued Rs. 210 million for supplying Iron Raw Material to prominent Industrial houses of repute consuming steel as the primary Raw Material.
The company will be completing these supplies within next 30‐45 days and is anticipating additional orders as well for Q3 of the current financial year." The small-cap penny stock below ₹5 was in news recently for issuance of Rights Issue. The small-cap company had proposed rights offer at Re 1 per share. GG Engineering shares are available for trade on BSE only.
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