Penny Stock Below Rs 100 In Focus As Board To Mull Proposal For Raising of Funds Soon

On Thursday, the shares of penny stock One Point One Solutions ended 7.62% higher on the NSE at Rs 60.30 apiece. The penny stock below Rs 100 will be in focus as the company said today that the Board of Directors will meet soon to evaluate the proposal for raising of funds by way of the issue of one or more instruments comprising of equity shares.

"it is hereby informed that the meeting of the Board of Directors of One Point One Solutions Limited ("the Company") is scheduled to be held on Wednesday, June 26, 2024, at 11.30 am, at the corporate office of the company situated at C-42, TTC Industrial Area, MIDC, Village Pawane, Navi Mumbai 400 705, to consider and approve, inter alia: 1. To evaluate the proposal for raising of funds by way of issue of one or more instruments comprising of equity shares, convertible securities of any other description or share warrants or debt securities, through Private Placement/Preferential Issue/Qualified Institutions Placement or such other methods or combinations thereof as may be decided by the Board, subject to such statutory/regulatory approvals as may be necessary, including the approval of the Shareholders of the Company, wherever required. 2. To consider conveying of an Extra-ordinary General Meeting, to seek approval of Shareholders in respect of the aforesaid proposal of fund raising, if the same is approved by the Board," said One Point One Solutions in a stock exchange filing.

By agreement dated February 22, 2024, the group acquired an entire stake in M/s. ITCube Solutions Private Limited. In accordance with the provisions of the aforementioned agreement, The group has recognised a post-acquisition gain of Rs. 121.99 Lakhs for the period from February 22, 2024, to March 31, 2024, for the quarter and year ended March 31, 2024. The treatment of which is in compliance with Ind AS 103 - Business Combinations.

One Point One Solutions Share Price Target

"We firmly believe that OPOS possesses the capability to effectively utilize its highly skilled and experienced management team to establish customer-centric enterprises of the future. Their recent strategic acquisition of ITCUBE Solutions aligns seamlessly with their vision to expand beyond BPM into other IT services and diversify their client base. Furthermore, OPOS aims to broaden its horizons beyond India by establishing a presence in LATAM and Southeast Asia through inorganic means, thereby positioning itself as a global player in the BPM domain. At PE of 10x FY26E EPS, stock is compelling. Considering the company's unwavering focus on business growth through global expansion, diversified verticals, and a robust trajectory of earnings growth (both organic and inorganic), we firmly believe that the stock has the potential to be rerated from its current levels. Consequently, we initiate coverage with a BUY rating and a Target Price of Rs 120," said Pratik Oza - Lead Analyst at Share India Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.