One Point One Solutions Hits 20% Upper Circuit After Acquiring Its Subsidiary

One Point One Solutions Ltd shares opened on Monday at Rs 41.50 apiece and then clocked 20% upper circuit at Rs 47.50 during the morning deals. The rally in the share price of this multibagger stock was witnessed after the company announced the incorporation of a wholly-owned subsidiary company incorporated as One Point One Singapore Pte. Ltd. in Singapore with an initial investment of 1 Singapore Dollar in the share capital of the said company.

One Point One Singapore PTE Ltd is incorporated as a wholly owned subsidiary of One Point On Solutions Ltd. for business development of the parent company's products and services in foreign markets. One Point One Solutions Limited subscribed the initial share capital of One Singapore dollars (being 100% of the share capital) which means that 100% of the paid-up share capital of One Point One Singapore PTE Ltd. will be held by One Point On Solutions.

The company reported net sales of Rs 39.88 crore in the September 2023 quarter up 14.62% from Rs. 34.79 crore in the September 2022 quarter. Its net profit stood at Rs. 5.95 crore in Q2FY24 up 210.62% from Rs. 1.92 crore in Q2FY23. EBITDA reached Rs. 14.83 crore in the quarter under review up 71.45% from Rs. 8.65 crore in the year-ago quarter. The EPS of One Point One Solutions grew from Rs. 0.10 in the corresponding quarter to Rs. 0.30 in the second quarter of FY24.

One Point One Solutions has delivered a multibagger return of 212.50% in the last 1 year and on a YTD basis it has generated a multibagger return of 197.81% so far in 2023.