Market News
2 min read | Updated on June 14, 2024, 13:09 IST
SUMMARY
The suspension comes after Brightcom Group failed to release financial results for two consecutive quarters—Q2 FY24 and Q3 FY24, thereby violating the norms set by the Securities and Exchange Board of India.
Brightcom Group has not released its financial results for the third quarter of FY24.
Trading in shares of digital marketing company Brightcom Group has been suspended on both the National Stock Exchange (NSE) and the BSE (formerly Bombay Stock Exchange) for non-compliance with the NSE's master circular.
"After 15 days of suspension, trading in the securities of non-compliant Company would be allowed on Trade for Trade basis in (Z category) on the first trading day of every week for six months," the NSE had said in a circular.
Stocks are placed in the 'Z' category if they fail to meet the listing requirements of the stock exchange, and are unable to resolve complaints by investors or have not made the required arrangements with both depositories. Under the trade-for-trade (TFT) category only delivery trades are allowed. The investor must have funds for 100% delivery to buy such stock.
The suspension comes after Brightcom Group failed to release financial results for two consecutive quarters—Q2 FY24 and Q3 FY24, thereby violating the norms set by the Securities and Exchange Board of India.
On June 11, financial results were announced for the quarter ending September 30, 2023. However, the company has not given any update on December quarter results.
The standalone net profit of Brightcom Group for the July-September quarter of FY24 stood at ₹63.3 lakh, up 6% from ₹59.7 lakh in the year-ago period.
The revenue from operations declined 0.7% to ₹112.1 crore in Q2 FY24 from ₹113 crore in the same period last year.
The total expenses were reported at ₹111.1 crore for the quarter, while the cost of sales were at ₹84.7 crore.
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