This Ashish Kacholia-owned stock zooms 4% on fundraise plan; do you own?

Ashish Kacholia portfolio stock: Shares of IT services provider E2E Networks, backed by Ashish Kacholia, advanced 4.10 per cent to hit a 52-week high of Rs 4,700 in an otherwise weak market on Monday. Nearly 0.76 lakh equity shares of E2E Networks, worth around Rs 33.55 crore, exchanged hands on the NSE.

 

The uptick in the stock price came ahead of the company's board meeting scheduled on Tuesday, November 5, 2024, to consider fund-raising plans of Rs 405 crore, as per the data available on the NSE.

 

E2E Networks provides a cloud platform for AI workloads, offering Cloud GPUs and a range of cloud technologies for developing and deploying AI/ML/GenAI applications on compute clusters. E2E Cloud became the first Indian public cloud platform to introduce H100s, starting in November 2023. E2E Cloud entered the Cloud GPU market in India in September 2018 with its V100 GPU deployment. The company has a market capitalisation of Rs 7,901.84 crore on the NSE, as of November 4, 2024.   Notably, Ashish Kacholia acquired 1,77,043 shares in the company, as per the exchange filing dated September 21, 2024.

 

 

Earlier, on October 25, 2024, in the second quarter of FY25, the company's revenue from operations jumped to Rs 47.55 crore, compared to Rs 21.64 crore reported in the same quarter last fiscal year. The company's profit after tax for Q2FY25 rose to Rs 12.14 crore from Rs 5.79 crore reported in Q2FY24, as per a regulatory filing.

 

Shares of E2E Networks have yielded a whopping 563 per cent return year-to-date.

 

The company's stock has a 52-week range of Rs 4,700 - Rs 493.45 per share on the NSE.

 

Around 01:45 PM on Monday, E2E Networks' shares were quoted at Rs 4,570, up 1.22 per cent from the previous close of Rs 4,514.80 on the NSE.

 

Meanwhile, the benchmark NSE Nifty50 was trading at 23,882.85, down 422.35 points or 1.74 per cent.