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Shares of penny stock Cressanda Solutions have given astronomical returns to its investors in the last 1 year. The stock has surged from around ₹0.6 in June last year to currently trade around ₹34, giving a tremendous 5600 percent returns to its investors.
The stock rose to its 52-week high of ₹51.2 on May 6, 2022, skyrocketing over 8,400 percent since June 2021. However, it has lost around 33 percent from its peak till date.
An investment of ₹1,00,000 in June last year would have currently turned to ₹57 lakh currently.
The company recently bagged a multi-million dollar order worth an estimated value of ₹1,500 crore in May-end further strengthening investor sentiment for the firm. In a press release, Cressanda said that it has entered into an agreement with a large institutional client for providing tech-powered infrastructure solutions for unaddressed passenger experience in India.
"The company is poised to innovate, design, and deliver large business projects with technology and software services at its core. The software services include development of business applications, data Sciences, cloud, migration, business process optimization, digital media, technology implementation & maintenance services," the press release added.
Mumbai-based Cressanda Solutions is engaged in providing information technology (IT), digital media and IT-enabled services. Its software services include onsite-offshore development of various business applications, IT consulting, and offshore application development, maintenance, testing, and migration services.
The company also announced the acquisition of the Bengaluru-based Lucida Technologies, a digital technology company for the better and easier execution of the above mentioned order. Lucida specializes in providing program management to complex projects, development and support services.
Commenting on the acquisition, Ravi Singh, Vice-President and Head of research, Share India said, with the acquisition of Lucida, the company aims to mark its maiden foray into the fields of artificial intelligence and machine learning.
"It intends to become a one-stop-shop for high-end technological solutions for global consumers," he added.
For the March quarter, the company's net profit stood at ₹21 lakh in against ₹1 lakh in the March quarter of the previous fiscal. Sales came at ₹4 lakh in Q4 of the last fiscal against ₹5 lakh in the corresponding quarter of the last fiscal.
Despite the stellar return, it is important to note that penny stocks high risk stocks and not suitable for investors with a risk-averse approach. Only high-risk investors should invest in such stocks and in very small weightage. Please consult your financial advisor before making any changes to your portfolio.
Disclaimer: This story is for educational purposes only. Please speak to an investment advisor before making any investment decisions.
