1:1 bonus share: Penny stock below Rs 5 to keep under the radar as the company announces expansion into the Central and Northern Indian markets
The stock is up by 33.4 per cent from its 52-week low of Rs 2.15 per share and gave multibagger returns of 125 per cent in 5 years.
Tirupur, September 23, 2024: Garment Mantra Lifestyle Ltd (formerly Junction Fabrics & Apparels Ltd) announced its expansion into the Central and Northern Indian markets. Through strategic partnerships with prominent wholesalers and retailers, we've established a strong presence in these regions. As the monsoon season concludes and winter approaches, GMLL has taken proactive steps to develop a range of winter wear products. This strategic move aims to maintain customer relationships and ensure consistent business throughout the year.
Samples of new winter wear products have already been approved by buyers and the company anticipate delivering them to its customers starting in October. While Tirupur is renowned for its cotton products, which historically have lower sales during the winter season compared to summer and monsoon, this initiative presents a significant opportunity for the entire city. By introducing winter wear products, Tirupur can establish itself as a year-round garment supplier. The products are designed to cater to the preferences of the light winter season and provide comfortable, all-day wear. There is also a strong market demand for these products throughout the season, offering us the opportunity to effectively serve and establish in this market. This addition to our product range will solidify a year-round presence with the company's customers.
Earlier, the shares of the company ex-traded bonus shares in the ratio 1:1 i.e., 1 new Bonus equity share of Re 1 each fully paid up for every 1 existing equity share of Re 1 each fully paid up. The ex-date was Tuesday, September 03, 2024.
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About Garment Mantra Lifestyle Ltd
Garment Mantra is a company focused on fulfilling the fashion and lifestyle aspirations of the mass Indian population. The promoters of the company have extensive experience in the textile industry for over 3 decades. Garment Mantra has 3 business divisions. Firstly, Garment Mantra is engaged in the business of garment manufacturing and selling both knitted fabrics as well as knitted garments.
On Monday, shares of Garment Mantra Lifestyle Ltd gained 1.41 per cent to an intraday high of Rs 2.87 per share from its previous closing of Rs 2.83. The company has a market cap of Rs 55 crore. The promoters of the company sold a 19.97 per cent stake and decreased their stake to a 30.18 per cent stake in the company in June 2024 compared to June 2023 while the public shareholders own a 69.82 per cent stake as of June 2024. The stock is up by 33.4 per cent from its 52-week low of Rs 2.15 per share and gave multibagger returns of 125 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.