📷 Image Credits: Mint
Brightcom Group, along with other companies like Bohra Industries, Praxis Home Retail, Mep Infrastructure Developers, and Sel Manufacturing Company, hit their 52-week lows in the stock market today. This was accompanied by a slight decline in both the Nifty 50 and Sensex indices, indicating a downward trend in the market. On the other hand, stocks like Bharat Electronics, Zydus Lifesciences, CG Power & Industrial Solutions, Dr Reddys Laboratories, and Trent saw a surge in their prices, hitting their 52-week highs.
The Securities and Exchange Board of India (SEBI) has confirmed the directions given for 20 of the 25 noticees in the Brightcom Group (BGL) matter. The investigation revolves around a preferential issue of shares and warrants, where some allottees made only partial payments. SEBI has issued a confirmatory order, suggesting further examination by the Enforcement Directorate due to the involvement of forex transactions.
Trading of Brightcom Group shares has been suspended on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) due to non-compliance with SEBI regulations. The company failed to meet the master circular issued by the NSE, leading to concerns among shareholders and a significant decline in stock value. The trading suspension will last for 15 days, with subsequent trading on a trade-for-trade basis in the Z category.
The financial results for Brightcom Group for the July-September quarter of fiscal year 2024 showed steady revenue at ₹112 crore, with a slight increase in net profit. Ace investor Shankar Sharma held a stake in the company, with several retail investors also involved. SEBI’s actions against the company’s promoters and CMD indicate violations in the preferential allotments and fund dealings.
Brightcom Group registered impressive growth in net profit for the quarter ended December 31, 2021, and declared a bonus shares issue to reward shareholders. The company’s outlook remains positive, driven by the shift to digital advertising and advancements in filtering technologies. Despite recent challenges, Brightcom Group continues to focus on expanding its capabilities and financials in the digital marketing sector.
