Shankar Sharma Invests in Brightcom Group, Shares Surge 5% on Third Consecutive Day
Key Highlights:
– Brightcom Group’s shares surged 5% on Thursday, June 8, marking the third consecutive day of gains.
– Shankar Sharma, a renowned investor, has also invested in the company.
– The company released a clarification, stating that it will apply appropriate measures to improve the disclosure of its financial information.
On Thursday, June 8, Brightcom Group’s shares surged 5% on the Bombay Stock Exchange (BSE) to close at Rs 22.64. This marks the third consecutive day of gains for the company’s shares, which have risen by approximately 15.63% over the past three days. The surge in the company’s share price follows a clarification released by Brightcom Group, in which it stated that it will apply appropriate measures to improve the disclosure of its financial information.
Shankar Sharma, a renowned investor, has also invested in Brightcom Group, indicating his confidence in the company’s prospects. Sharma is among the top investors in the Indian stock market and is known for his successful investments in various sectors.
The company’s surge in share price comes after a report by Manikant Control, which highlighted the lack of transparency in the company’s financial information. The report pointed out that Brightcom Group had not disclosed the financial information of its subsidiary companies, which were unaudited and included accounting-related issues. Additionally, the report stated that there was a lack of clarity in the company’s balance sheet’s “other advances” segment.
In response to the report, the Securities and Exchange Board of India (SEBI) issued a show-cause notice to Brightcom Group, citing its failure to disclose alleged irregularities and material information in financial accounting until April 2023. The company responded by stating that it was cooperating with SEBI and working to resolve all the issues and concerns raised by the regulator.
Brightcom Group had attracted significant interest from retail investors earlier this year when its shares rose from Rs 3 to Rs 117. However, the company’s financial irregularities led to a 90% decline in its share value over the next 16 months.
Shankar Sharma holds 2.5 crore shares in Brightcom Group until March 2023, equivalent to approximately 1.24% of the company’s total shares. His stake in the company is currently valued at approximately Rs 56.4 crore, based on the current market price.
In conclusion, Brightcom Group’s recent surge in share price and Shankar Sharma’s investment indicate that the company is taking appropriate measures to improve its financial disclosures and regain investor confidence.
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