Multibagger penny stock below Rs 2 Hits 28 Back-to-Back Upper Circuits: Company Board Approves Rs 49.9 Crore Rights Issue - Check Out Q1FY26 Results Here!

On Monday, shares of Avance Technologies hit a 2 per cent upper circuit to Rs 1.83 per share from its previous closing of Rs 1.8 per share. The stock also made a new 52-week high of Rs 1.83 and its 52-week low is Re 0.52.

Avance Technologies Limited has announced that its Board of Directors has approved a rights issue worth up to Rs 49.90 crore, alongside the release of its unaudited financial results for the first quarter of FY26, ended June 30, 2025. 

In a capital-raising initiative, the Board approved the issuance of fully paid-up equity shares on a rights basis to existing shareholders. The issue will not exceed Rs 49.90 crore, with each equity share having a face value of Re 1.

On a consolidated level, Avance Technologies posted revenue of Rs 37.42 crore in Q1FY26. This reflects a 22.55 per cent decline from Rs 48.31 crore in Q4FY25 and a 20.15 per cent decrease from Rs 46.86 crore in Q1FY25.

The consolidated net profit stood at Rs 1.62 crore, recovering from a net loss of Rs 1.36 crore in the previous quarter. However, on a year-on-year comparison, profit was lower by 26.16 per cent against Rs 2.19 crore reported in Q1FY25.

The stock price has given 252 per cent multibagger returns from its 52-week low of Rs 0.52.

Advertisement:

50% OFF on DSIJ Digital Magazine

About Company

Avance Technologies Limited, incorporated in 1985 and headquartered in Mumbai, is engaged in the trading of information technology software products and offers IT and software development solutions. The company's services focus on digital transformation, messaging services, and mobile marketing. Their digital infrastructure management services encompass data center management and optimisation, cloud computing solutions, Internet of Things (IoT) infrastructure management, data storage solutions, digital transformation consulting, hybrid cloud integration, and remote infrastructure management. Avance Technologies also provides data centre services, including network infrastructure design and deployment, server management and maintenance, unified communications solutions, data backup and restoration services, and high availability infrastructure design. The company aims to help businesses enhance operational efficiency and stay competitive by delivering innovative services and leveraging expertise in cloud and SMS gateway technologies.

Disclaimer: The article is for informational purposes only and not investment advice.