Despite significant trading volumes, the shares of Shyamkamal Investments Ltd surged by 20 percent and hit the upper circuit on June 2. This marked the fourth consecutive session of gains for the stock, with a total increase of over 30 percent during this period. At 11.21 am, the stock reached a peak of Rs 4.38 per share.
On May 30, the company made an official announcement that its board had approved the appointment of Anand Lohia as the company secretary and compliance officer, effective from May 31, 2023.
Shyamkamal Investments Ltd, in its recent earnings report for the March quarter, revealed a concerning trend of zero revenue for both the March and December quarters. In comparison, during the same quarter the previous year, the company had reported revenue of Rs 70,000. The net loss for the March quarter also widened to Rs 15.69 lakh, surpassing the loss of Rs 7.52 lakh in the previous quarter and Rs 14.87 crore from a year ago.
In the fiscal year 2023, the company continued to experience zero revenue, compared to Rs 1 lakh in the previous year. Furthermore, it incurred a net loss of Rs 26.25 lakh for the year, in contrast to a profit of Rs 19.60 lakh in the preceding year.
It is worth noting that the company's annual report states that it had no permanent employees on its rolls as of March 2022. As the company's annual report for the fiscal year 2023 is yet to be released, there is no available information regarding employees during that period. Given the company's lack of revenue, this situation raises questions about how it was able to generate a profit during the fiscal year 2022.
Shyamkamal Investments Ltd, established in 1982, provides finance and investment services and operates as a registered NBFC (non-deposit acceptance) under the Reserve Bank of India.
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