52-week high alert in this small-cap stock; Board likely to announce stock split!
The stock is up by 20 per cent in just 1 month and over 50 per cent in 6 months.
HP Adhesives Ltd informed that a meeting of the Board of Directors of the company will be held on Monday, September 04, 2023, to consider and approve, inter-alia, a proposal for alteration of the equity share capital of the company by way of sub-division/ stock split its existing equity shares having a face value of Rs 10 each, fully paid up in such manner as may be determined by the Board of Directors pursuant to the provisions of Section 61(1)(d) of Companies Act, 2013 and subject to the approval of shareholders of the company and /or any other regulatory/statutory approvals, as may be required.
On Friday, shares of HP Adhesives Ltd surged 1.53 per cent to make a net 52-week high of Rs 539.95 per share. At the closing bell, shares of the company were trading at Rs 523.55 per share, down 1.56 per cent with a spurt in volume by more than 2.33 times on BSE.
HP Adhesives Limited is an adhesives and sealants company. The company manufactures a wide range of consumer adhesives and sealants. The company also sells ancillary products like ball valves, thread seals, and other tapes and FRP products for drainage and architectural solutions.
The company has a market cap of over Rs 900 crore. The company has very little debt, with only 8.53 crore rupees outstanding. This is less than 1 per cent of its market capitalization.
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In comparison to Q1FY24 vs Q1FY23, the net sales decreased by 3.76 per cent to Rs 59.32 crore whereas net profit skyrocketed 230 per cent to Rs 4.51 crore. In FY23, the net sales increased by 41.2 per cent to Rs 233 crore and net profit increased by 83 per cent to Rs 11 crore compared to FY22.
The stock is up by 20 per cent in just 1 month and over 50 per cent in 6 months. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.